(MENAFN) Mumtalakat, Bahrain's sovereign wealth fund, said that it has agreed to sell a portion of its stake in McLaren to the Formula One team's overall head, who by this sale is expected to become the majority shareholder, Arabian Business reported.
The Bahraini fund currently holds a 50 percent stake, in the team, while the head of the team along with the chief executive of Luxembourg-based TAG, each holding 25 percent stake, with Mumtalakat saying that despite being willing to sell some shares, they have no intention of leaving McLaren entirely.
"No transaction has taken place, but the shareholders have had discussions on how to best facilitate and enhance the future growth of the McLaren Group. When and if a transaction takes place, it is not envisioned that the current shareholders will exit McLaren completely, and announcements would be made at the appropriate time," a McLaren spokesman said.
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