Bahrain BUY OUT Saudi Arabia and American shares in F1 team

The Sovereign Wealth Fund of Bahrain has completed the purchase of shares in McLaren from Saudi Arabia and a company in the United States.

The Bahrain News Agency confirmed on Thursday 22 June that the Kingdom of Bahrain, whose fund is run by the Mumtalakat Group, had secured the shares to strengthen its grip as the majority shareholder of the McLaren Group.

The stake previously held by Saudi Arabia's Public Investment Fund is a significant one for Mumtalakat due to the close geographical nature of the two nations.

Saudi Arabia's PIF also owns Newcastle United and has pumped a lot of money into the Magpies as well as the highly-controversial LIV Golf Series, which may suggest a reason for its withdrawal from McLaren, while the Ares Management Corporation was also bought out by Bahrain.

READ MORE: Verstappen set for SURPRISE McLaren drive

Mumtalakat's riches

The McLaren Group is just one of several companies under the banner of Bahrain's richest investors, and that includes the manufacturer's IndyCar, Formula E and Extreme E teams as well as road car production.

Away from McLaren, Mumtalakat also owns Gulf Hotels, Air and Banking which helps to bring in extra funds although its biggest source of funding is the oil and gas reserves in Bahrain.

The Bahrain International Circuit, which hosts the annual Bahrain Grand Prix, also comes under the same banner as does the Prodrive International company.

Other 'strategic investments' made by Mumtalakat include the Bank of Bahrain and Beyon, the national telecoms company of Bahrain.

READ MORE: F1 drivers out of contract: Hamilton heads select group

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