PIF set to take stake in McLaren as motor group refinances

Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to acquire a stake in McLaren Group as part of a £550 million funding round that could be announced within days, Sky News reported, citing unnamed bankers.

The deal will see PIF and Ares Management, an alternative investment manager, injecting £400 million into the British supercar manufacturer and Formula One team-owner, Sky said. A further £150 million will come from existing investors including Mumtalakat, the sovereign investment fund of Bahrain.

No official announcement has been made by PIF or McLaren.