Saudi Arabia’s sovereign wealth fund, which has recently made headlines for attempting to target Europe’s top footballers, is selling its stake in luxury automotive firm McLaren.
Saudi’s Public Investment Fund (PIF) is selling its stake in the supercar maker and Formula One team owner to Bahrain, a deal that reinforces Bahrain's status as its largest shareholder.
A private transaction between existing shareholders, the deal will not result in any new cash being injected into the company.
The latest deal forms parts of McLaren’s plans to tidy up its capital structure, according to Sky News.
PIF’s exit comes as it looks to become the world’s most prominent state-backed fund.
Recently, it has engineered the combination of the breakaway golf series, LIV, with the US PGA Tour, while it is also using its vast financial power to lure Europe’s largest football players.
Mumtalakat, Bahrain’s sovereign wealth fund, will likely be called on again by McLaren for funding as it looks to strengthen its balance sheet.
Earlier this year, the group received a £70mln funding boost from investors in the first stage of its wider restructuring plan aimed at steering it into the electric vehicle era.