It has been confirmed that the McLaren Group, majority shareholder of McLaren Racing, is now fully owned by Bahrain’s sovereign wealth fund.
Mumtalakat has invested into the McLaren Group since 2007, initially purchasing 30 per cent from founding shareholders Ron Dennis and Mansour Ojjeh and working up to majority ownership from there. However, the deal to assume full control has now been confirmed.
McLaren now under full ownership of Mumtalakat
The McLaren Group, owner of a majority stake in McLaren Racing, which operates in Formula 1, IndyCar, Formula E and Extreme E, has thus set out its plans for the future under this new ownership structure, which interestingly includes the ambition to “explore potential technical partnerships with industry partners”.
The McLaren F1 team has represented the Group very well indeed so far at the Australian Grand Prix, with Lando Norris securing P3 on the grid, while Oscar Piastri will start his home race from P5.
“We are delighted at Mumtalakat’s continued commitment to McLaren through this deal, which strengthens our ownership and governance structure,” said McLaren Group executive chairman Paul Walsh.
“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.”
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This announcement comes in the aftermath of confirmation that McLaren Racing CEO Zak Brown has signed a new contract to remain in the position through to at least 2030.
Under Brown’s stewardship, the Formula 1 team has thrived, with their haul of 302 points last season marking their best performance since 2012.
McLaren are regarded as having one of the best driver line-ups on the F1 grid, Norris having signed a new long-term deal ahead of the F1 2024 campaign, keeping him with the team beyond 2025, while team-mate Piastri is signed until the end of 2026.
Brown, in reaction to his new McLaren contract, said: “I am thrilled to continue leading McLaren Racing and to be a part of such a historic race team.
“It is a privilege to work alongside the talented men and women across McLaren Racing’s different race series.
“Together, we will continue to push the boundaries of motorsport and strive for the highest performance on and off the track.”
McLaren’s tally of 183 grands prix wins puts them second to only Ferrari for most Formula 1 victories achieved.
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Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
