Saudi Arabia’s Public Investment Fund is to sell its shareholding in the McLaren Group to Bahrain’s Mumtalakat fund, according to Sky News.
The deal will strengthen Mumtalakat’s position as the biggest shareholder in the supercar maker and Formula One team owner, Mark Kleinman reported.
PIF, which has emerged as one of the biggest players in sport, and Ares Management paid £400m for the preference shares two years ago.
The sale, expected to be confirmed today, will not see any additional capital injected into McLaren but the group is believed to be planning further fundraising.
PIF bought Newcastle United in late 2021 and have helped to transform the football club’s fortunes, clinching a return to the Champions League next season after a 20-year absence.
The Saudi sovereign wealth fund has also shaken up men’s professional golf by launching the LIV Golf tour and poaching some of the sport’s biggest names, including Brooks Koepka, Phil Mickelson and Dustin Johnson.
After a year of legal rows with the PGA Tour over player eligibility, PIF struck a deal with the US circuit earlier this month to merge their business interests under a new entity in which the Saudi fund will be primary investors.
It’s F1 team, which includes British driver Lando Norris, currently sits sixth in the constructor’s’ championship.