Formula One team McLaren takes £150 million loan from Bahrain

Supercar manufacturer McLaren, which includes the Formula One team, has secured a £150 million loan facility with the National Bank of Bahrain, according to Reuters.

The COVID-19 pandemic has hit the company hard, with sales plunging during a factory shutdown. It announced 1,200 redundancies in May.

“Final documentation has been signed and all the necessary approvals have been granted in relation to a ... £150 million financing facility,” NBB said in a bourse statement.

Bahrain sovereign wealth fund Mumtalakat Holding is the majority shareholder in McLaren Group, with a 56% stake.

Mumtalakat also holds a 44.06% stake in NBB while the government of Bahrain holds a 10.85% stake.