McLaren Group is set to become the latest British sporting team to be taken over by Middle Eastern owners, as Bahrain's sovereign wealth fund reportedly moves in.
Bahrain’s Mumtalakat investment fund is nearing a deal with McLaren’s shareholders to convert their equity into contracts, according to Sky News.
These would see shareholders benefit from events, such as an initial public offering, but leave the Bahrain fund as the sole remaining stakeholder in McLaren Group.
McLaren Group owns McLaren Racing, which in turn operates the brand’s Formula One and other motorsport teams, though the latter also has other shareholders.
According to Sky, the deal, which would effectively simplify McLaren’s ownership structure to make the firm more appealing to technology partners, could be announced this week.
Woking-based McLaren would therefore follow some of the UK’s largest sports teams in being taken over by publicly-run Middle Eastern funds.
Newcastle United’s takeover by Saudi Arabia’s sovereign wealth fund in 2021 is perhaps the most prominent Middle Eastern investment in English sport in recent years.
Having purchased an 80% stake in the club during its £305 million sale by Mike Ashley, Saudi’s takeover of Newcastle complements prince Abdullah bin Mosaad bin Abdul Aziz Al Saud’s, also of the country, 50% ownership of Premier League rival Sheffield United.
The pair are far from the only Premier League clubs with Middle Eastern owners though, with Manchester City and Aston Villa joining them.
United Arab Emirates royal Sheikh Mansour bought Manchester City in 2008 and has since led the club to both domestic and international titles, while Egyptian businessman Nassef Sawiris took control of Villa in 2018.
Aside from the UK, Saudi-backed LIV Golf had agreed to a merger with the PGA Tour and DP World Tour in June, with negotiations currently ongoing to create the single entity.