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Bahrain company buys into McLaren 09 Jan 2007

Fernando Alonso (ESP) Mclaren Formula One Testing, Day 3, Jerez, Spain. 15 December 2006. World © Bumstead/Sutton.

McLaren announced Tuesday that a 30 percent stake in the group has been purchased by a company owned by the Kingdom of Bahrain. The deal is currently awaiting the necessary competition law clearances, but should be completed within six weeks.

The new investors, the Bahrain Mumtalakat Holding Company, will become the second-largest McLaren shareholders after DaimlerChrysler, whose 40 percent stake in the group will remain unchanged. Formula One team boss Ron Dennis will retain 15 percent, as will long-term partners, the TAG Group.

McLaren say no further comment will be made until the sale is finalised, but stressed the company will continue to be run by its existing management team.