McLaren Receives $80 Million from Mumtalakat to Save it from Bankruptcy
2023-11-29 - 8:21 م
Bahrain Mirror: Bahrain Mumtalakat Holding, Bahrain's sovereign wealth fund, the largest shareholder in financially stricken British company McLaren, has provided $80 million in financing to save the latter from bankruptcy.
Investors, most notably Mumtalakat Holding, have already given the company £370m between March and September 2023. In October 2023, the company asked its Bahrain owners for more money after losses at the business more than doubled last year, amid delivery delays and mounting costs.
A spokesperson for McLaren said the funding was "part of an ongoing recapitalisation process involving existing shareholders."
In 2021, losses mounted from £135m to £349m. Recent company accounts show last year's losses equated to a deficit of almost £140,000 per car produced.
In 2021, the company sold its famous Working headquarters to the investment firm GNL in a £170m deal, although it has an agreement to stay on as tenant the next two decades.