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After years of financial turmoil, McLaren's automotive division now has a new owner… for the second time this year.
Ownership of British supercar brand McLaren has transferred to an Abu Dhabi-owned investment fund known as CYVN.
According to Gulf News, CYVN has taken over McLaren's automotive business along with a minority stake in its Formula One racing team – which this week secured the 2024 Constructors' Championship.
It was only in March 2024 when Bahrain's sovereign fund Mumtalakat Holding Company took over McLaren's automotive division, as well as majority ownership of its F1 team.
However, unconfirmed reports claim the decision to purchase McLaren was made without the approval of senior Bahraini figures, with orders subsequently given to offload the company from the fund's books.
Its newest owner could prove a benefit to McLaren, with CYVN also invested in the future mobility sector – potentially opening access to cutting-edge technology and engineering.
"By combining McLaren's iconic heritage and expertise with CYVN's advanced engineering and technology capabilities, we aim to redefine high-performance mobility and set a new benchmark for excellence," CYVN Chairman Jassem Mohammed Bu Ataba Al Zaabi, Chairman has been quoted as saying at the announcement.
It is understood the ownership transaction is subject to approval by regulatory authorities.
McLaren has struggled to stay afloat in recent years, with the British car maker forced to sell its iconic Woking headquarters in the UK for $US240 million ($AU367 million) in April 2021 – but will remain a tenant at the facility for the next two decades.
Ben Zachariah is an experienced writer and motoring journalist from Melbourne, having worked in the automotive industry for more than two decades. Ben began writing professionally more than 15 years ago and was previously an interstate truck driver. He completed his MBA in Finance in early 2021 and is considered an expert on classic car investment.
