British supercar company McLaren has been forced to sell some of its collection of historic vehicles, to fill a cash hole left by delays in delivering its new hybrid model, the Artura.
Bahrain’s sovereign wealth fund Mumtalakat has bought the heritage models in exchange for a £100 million ($123 million) cash injection.
Mumtalakat owns nearly 60 per cent of McLaren.
The supercar company reported a loss of £203 million in the nine months through to September, compared with a £69 million loss a year ago. Liquidity at the end of the third quarter declined to £87 million — down from £171 million.
A McLaren spokesman said the sale of some heritage vehicles to the main shareholder would mean a cash infusion for the business. He did not give details on which cars were sold.
McLaren’s heritage vehicle collection comprised 54 rare Formula One racing cars and F1 supercars, according to its 2021 annual report. The report says that the company sells cars from its collection from time to time.
In addition to the £100 million injection, the company is also looking at other financing options.
“We are in active talks with all shareholders regarding a recapitalisation of the group,” McLaren said.
It is also continuing talks for potential partnerships.
The British marque has sought emergency financing multiple times over the past few years from shareholders, amid delays in the launch of the Artura.
This latest round of fundraising comes just months after its shareholders, who also include US investment firm Ares Management Corporation and Saudi Arabia’s Public Investment Fund, gave £125 million through convertible preference shares.
Delivery delays came about after McLaren found that “certain technical upgrades” were needed to the Artura before it started delivering the model.
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
RESULTS
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Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
