Bahrain's Mumtalakat fund takes control of McLaren - report

The sovereign wealth fund of Bahrain has taken full ownership of supercar manufacturer McLaren, according to Sky News.

The deal, which is expected to be announced later on Friday, was first reported on in December when McLaren's shareholders approved a full recapitalisation of the company, which was hoped to simplify its share structure and kickstart expansion into new markets.

The recapitalisation has concluded, according to reports, meaning that Bahrain Mumtalakat Holding Company is now the only shareholder of the company.

Speaking to Sky News, McLaren's executive chair Paul Walsh said the deal will "further enable us to focus on delivering our long-term business plan, including investment in new products and technologies, whilst continuing to explore potential technical partnerships with industry partners".

The simplified structure is thought to enable McLaren to partner with an automotive tech manufacturer as the company expands into the electric vehicle market.