Bahrain bank comes to McLaren's aid

The sky clears a little above the Group McLaren. The National Bank of Bahrain confirmed this Monday in official documents that “ all necessary agreements had been provided in connection with a £150 million financing package » for McLaren. 

The National Bank of Bahrain is 44% owned by the Mumtalakat sovereign wealth fund of Bahrain, itself a 56% shareholder of the McLaren Group.

The British manufacturer was not spared by the Covid-19 crisis and announced last month the elimination of 1200 positions out of the 4000 in the group, including 70 within the team. F1.   

McLaren, which is divided into 3 entities (Automotive, Applied Technologies, and Racing), was facing a liquidity shortage and had to find funds to the tune of 280 million pounds sterling (305 million euros) by July 17. The official F1 website also reported that a partial sale of the historic stable was under study, thus confirming information revealed by Sky News. 

McLaren, who was refused aid by the British government, turned to the courts to prevent a group of creditors from blocking his emergency refinancing plans. According to legal documents cited by the BBC, the latter refused to validate secured loans on the McLaren factory and its collection of historic cars.