McLaren Group looks to have secured its short-term future with confirmation that the National Bank of Bahrain is offering the British company €150 million ($184 million) in financing.
“Final documentation has been signed and all the necessary approvals have been granted in relation to a… 150 million (pound) financing facility,” the bank said in a statement.
Bahrain sovereign wealth fund Mumtalakat Holding Co has a 56 per cent stake in McLaren and also holds a 44.06 per cent stake in the National Bank of Bahrain, Reuters reports. The government of Bahrain also holds a 10.85 per cent stake in the bank, so it is little surprise that funding has come from the small sovereign state.
This funding comes at just the right time for McLaren with this year’s Formula 1 season set to kick off in Austria over the weekend. Additionally, Car and Driver reports that McLaren will resume the limited production of road cars this week. It is also understood that the 765LT has been selling well, particularly in the United States.
McLaren has been hit particularly hard by the coronavirus pandemic and the delayed start of the Formula 1 season. Last week, the British automaker and F1 outfit announced it will take some of its creditors to court for not allowing it to release the security of its property and historic car collection, thought to make up roughly a quarter of the group’s total assets, and to secure a loan on them.