McLaren arranges £150m loan from Bahraini bank

McLaren is 56% owned by the Bahrain sovereign wealth fund, Mumtalakat Holding Co. Dan Istitene - Formula 1/Formula 1 via Getty Images

The McLaren Group, which includes the Formula One team, has arranged a £150 million financing facility with the National Bank of Bahrain (NBB), the Gulf bank said on Monday.

The COVID-19 pandemic has hit the company hard, with sales of its supercars plunging during a factory shutdown. It announced 1,200 redundancies in May.

"Final documentation has been signed and all the necessary approvals have been granted in relation to a ... £150 million financing facility," NBB said in a bourse statement.

Bahrain sovereign wealth fund Mumtalakat Holding Co is the majority shareholder in McLaren Group, with a 56% stake.

Mumtalakat also holds a 44.06% stake in NBB while the government of Bahrain holds a 10.85% stake, Refinitiv data showed.