The Bahrain Mumtalakat Holding Company -- the sovereign wealth fund of Bahrain -- has “completed a full takeover” of the McLaren Group, which owns a majority share in the company’s celebrated F1 team, according to Matt Kew of MOTORSPORT. The fund has “taken full ownership of the share capital ‘following the conversion of all preference shares into ordinary shares.’” Mumtalakat has been partnered with McLaren since a 2007 purchase of a 30% stake from former Chair Ron Dennis and the late Mansour Ojjeh. Following the 2020 sale of $233M in shares of the F1 team to U.S. investment firm MSP Sports Capital, the McLaren Group retains a 67% stake in McLaren Racing. In the U.K. House of Lords on Thursday, McLaren’s Bahraini ties were “raised as part of a debate concerning sports being used to improve the image of countries with poor human rights records” (MOTORSPORT, 3/22).
PERFORMANCE REWARD: RACER’s Chris Medland noted McLaren Racing CEO Zak Brown has been “rewarded for recent progress within the team with a contract extension” that will keep him in his role until at least 2030. Brown joined McLaren in late 2016, going on to become CEO of McLaren Racing in 2018. Brown is “regularly the team’s spokesperson” but has also “overseen multiple changes in the wider racing operation,” entering and winning races in the likes of IndyCar and Formula E. The decision to extend Brown’s contract comes with the support of McLaren Group Exec Chair Paul Walsh, who says that Brown has “been central to the team picking up regular podiums in the latter part of last season” (RACER, 3/22).
