McLaren Has a New Owner and a New Lease On Life
The Bahraini fund called Mumtalakat was already McLaren’s largest shareholder, but now, it has taken over full ownership of the storied British sports car brand and racing teams. McLaren has had some rocky years financially, so the move will help shore up its base and prepare it for success moving forward.
McLaren Group, which also has a majority stake in McLaren Racing, has had several years of production delays and layoffs. It sold its headquarters to help fund the production of its new Artura. Group Charmain Paul Walsh said, “This will further enable us to focus on delivering our long-term business plan, including investment in new products and technologies, whilst continuing to explore potential technical partnerships with industry partners.”
Mumtalakat gets ownership of McLaren Automotive, but McLaren Racing brings a sprawling organization with teams competing in F1, IndyCar, Formula E, and Extreme E. The company retained Zak Brown as CEO of McLaren Racing until 2030, helping ensure stability as its teams aim to climb upwards on their respective grids.
As an independent brand unable to rely on a legacy automaker for support, McLaren has been in a tough spot. Competitors like Lamborghini have significant corporate backing, while Ferrari has almost 100 years of history and one of the most valuable brand names behind it. With the backing of the Bahrainis, McLaren should be able to focus on product development and avoid the delays that have plagued it as it scraped for cash in years past.
[Image: McLaren]
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Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.
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Mumtalakat
Might not be fair to continue calling McLaren British if the company is now fully owned by the King of Bahrain. But this is probably the best play for the brand considering how many people it had to fire and the fact that it sold off its own HQ and heritage collection.
“Today’s announcement crystallizes the next phase of the Company’s trajectory of growing its leadership position in the luxury super car and motorsports industries. This reorganisation and new simplified structure positions McLaren for success and opens up strategic avenues, which include exploring new partnerships to enhance the company’s growth over the coming years."
-His Excellency Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer of Mumtalakat