McLaren late last week said it received 550 million British pounds (approximately $760 million) in a recent round of funding, including funds from Saudi Arabia which joins Bahrain as the second Middle Eastern country to invest in the British supercar marque and race team.
Approximately 400 million pounds were paid by private equity company Ares Management Corp and Saudi Arabia's Public Investment Fund sovereign wealth fund. Both are new investors in McLaren. The Saudi fund is also the main investor of electric-vehicle startup Lucid.
The rest of the funds were paid by existing investors, namely the Mumtalakat sovereign wealth fund of Bahrain. Bahrain is McLaren's main investor and was previously tapped for a rescue loan following the initial outbreak of Covid-19.
McLaren has been hit particularly hard by the pandemic, resulting in the company previously having to shed 25% of its workforce, sell a third of its Formula One team, and sell its famous Woking, United Kingdom, headquarters in a lease-back deal.
“Building on the short-term measures that we put in place last summer in response to the global pandemic, McLaren has taken a number of significant steps to put the company on a stable footing for the long-term, with the close support of its advisors and existing shareholders,” Paul Walsh, McLaren's executive chairman, said in a statement.
The good news is that McLaren looks to be on the rebound. Its F1 team is currently third in the 2021 Constructors' Championship and the automotive side has just introduced a new generation of hybrid supercars in the form of the Artura.