McLaren is considering selling a 30% stake

McLaren is considering selling a 30% stake

June 21, 2020 0 By autotimesnews

McLaren is considering the possibility of selling a 30% stake in the Formula 1 team as part of a plan to raise additional financing to increase competitiveness.

In the first quarter of 2020, the McLaren Group suffered serious financial losses associated with the coronavirus pandemic, and these losses must somehow be compensated. A source in the British Sky News reports that the company is considering selling 30% of the McLaren Racing division, which includes Formula 1 and IndyCar teams.

At the moment, McLaren Racing has the same shareholders as the McLaren Group, so the sale of shares in the racing division will entail some reorganization. The largest shareholder of the company is an investment fund from Bahrain Mumtalakat Holding Company – 56% of the shares. Another 14% of the shares belong to Mansour Ojay, 10% to Michael Latifi, father of Williams racer Nicholas Latifi, and 20% is owned by minority shareholders.