Formula One team McLaren takes £150 million loan from BahrainComments Off on Formula One team McLaren takes £150 million loan from Bahrain
Supercar manufacturer McLaren, which includes the Formula One team, has secured a £150 million loan facility with the National Bank of Bahrain, according to Reuters.
The COVID-19 pandemic has hit the company hard, with sales plunging during a factory shutdown. It announced 1,200 redundancies in May.
“Final documentation has been signed and all the necessary approvals have been granted in relation to a … £150 million financing facility,” NBB said in a bourse statement.
Bahrain sovereign wealth fund Mumtalakat Holding is the majority shareholder in McLaren Group, with a 56% stake.
Mumtalakat also holds a 44.06% stake in NBB while the government of Bahrain holds a 10.85% stake.