McLaren is now fully controlled by Bahraini wealth fund

McLaren Group is now fully controlled by Bahrain's sovereign wealth fund after the U.K. company's complicated ownership structure was reorganized.

No new funding for McLaren was announced by long-term strategic investor, the Bahrain Mumtalakat Holding Company (Mumtalakat). However, the move to full ownership paves the way for new technical partnerships, enabling McLaren's sports-car division to invest in electric powertrains.

McLaren has struggled in the period following the COVID-19 pandemic to return its sports-car division to profitability and has had to tap its shareholders for financing on numerous occasions.

McLaren Group received 450 million pounds ($566 million) from shareholders in 2023 to the end of November, the company said.

"The deal 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," Paul Walsh, McLaren Group Executive chairman, said in a statement on Friday.

McLaren is in discussions with a number of potential partners to share EV technology, a source familiar with the situation told Automotive News Europe. A deal, which could include a company taking an equity stake in McLaren, is expected in the summer, the source said.

Chinese automakers are among those who have been approached, Bloomberg reported in February.

McLaren is expected to use its planned SUV to move into electric drivetrains. Its launch is scheduled for 2028 but is contingent on the company returning to profitability, McLaren Automotive CEO Michael Leiters told Automotive News Europe last year.

McLaren’s near-term focus is on growing sustainable revenue with the Artura and 750S sports car models, as well as lower volume specials such as the Solus V-10 powered single seat hypercar, Leiters said.

McLaren Automotive lost 148 million pounds ($186 million) in the quarter ending Sept. 30, 2023 as revenues fell 18 percent from the year before, the company said, adding that it will post full 2023 figures in April.