Bahrain firm buys into McLaren F1

24 Apr 2008

By: Sport Industry Group

McLaren Formula One team has received a new backer after it was confirmed that Mumtalakat Holding Company – a Middle East investment firm wholly owned by the Kingdom of Bahrain – had agreed a deal to buy a 30% stake in the team.

Should the stakeholding by finalised, McLaren’s parent company DaimlerChrysler will still own 40% but the holdings of team boss Ron Dennis and TAG will be reduced to 15% each.

A statement from McLaren confirmed that the change in ownership would not affect the existing management team.

The deal must be cleared by competition regulators, which McLaren envisage will take up to six weeks.