Bahraini sovereign wealth fund Mumtalakat and Abu Dhabi smart mobility-focused investment firm Cyvn Holding have taken control of McLaren Racing after acquiring the 30% stake in the unit that they did not already own, according to a statement. The transaction, which includes McLaren’s Formula 1 team, values the team at over GBP 3 bn, Sky News reports. A source cited by Reuters puts the figure at GBP 5 bn.

The details: Mumtalakat will retain its majority stake in the group, while Cvyn Holding owns a non-controlling stake. The transaction saw MSP Sports Capital exit its stake in McLaren Racing. Najafi, with Chairman of the McLaren Racing board of directors and CEO of MPS Jeff Moorad both vacating their board seats. Financial terms of the transaction will not be disclosed, the statement said.

Refresher: Cvyn had completed the acquisition of McLaren’s automotive business and a minority stake in its racing arm earlier in April, forming McLaren Group Holdings and merging McLaren Automotive and British EV startup Forseven under the new entity.

Background: MSP has taken a significant minority stake in McLaren Racing in 2020, when McLaren were strapped for funding during covid-19. The transaction valued the racing unit at GBP 560 mn at the time, but it has since emerged as a dominant player in Formula 1, after nabbing the constructors’ title last year for the time since 1998.

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