The sky is clearing a little above the McLaren Group. The National Bank of Bahrain indeed confirmed this Monday in official documents that " all necessary agreements had been provided in connection with a £ 150 million funding package For McLaren.
The National Bank of Bahrain is 44% owned by the Mumtalakat sovereign fund of Bahrain, itself a 56% shareholder of the McLaren Group.
The British automaker was not spared the Covid-19 crisis and announced last month the elimination of 1,200 of the 4,000 jobs in the group, including 70 in the F1 team.
McLaren, which is divided into 3 entities (Automotive, Applied Technologies, and Racing), faced a shortage of liquidity and had to find funds to the tune of 280 million pounds sterling (305 million euros) by the July 17. The official F1 website also reported that a partial sale of the historic team was under investigation, confirming information revealed by Sky News.
McLaren, who was turned down by the British government, turned to justice to prevent a group of creditors from blocking its emergency refinancing plans. According to legal documents cited by the BBC, the latter refused to validate secured loans on the McLaren plant and its collection of historic cars.