Bahrain Mirror: Saudi Arabia's Public Investment Fund and Ares Management will invest £400m into the British-based automotive giant, Sky News reported.

Bahraini sovereign wealth fund Mumtalakat Holding has 62.6% stake in McLaren, while the National Bank of Bahrain has 44.2%.

Saudi Arabia's sovereign wealth fund is in advanced talks to acquire a stake in McLaren Group as part of a fresh shake-up at the British supercar manufacturer and Formula One (F1) team-owner.

Sky News has learnt that the Saudi Public Investment Fund (PIF) is to participate in a £550m equity-raise which could be unveiled by McLaren within days.

Banking sources said the deal would include £400m of new capital from PIF and Ares Management, a major global investment firm, with £150m being injected into the company by McLaren's existing shareholders - who include Mumtalakat, the sovereign investment fund of Bahrain.

The equity-raise was still being finalized on Friday and could still be delayed, the sources cautioned.

The Woking-based company endured a torrid start to the pandemic as it sought a government loan to shore up its balance sheet. It was also forced into a restructuring of its workforce which saw hundreds of jobs axed.

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