Bahrain's Mumtalakat sovereign wealth fund has a majority stake in McLaren Group
McLaren Group has announced that it will become a 50 percent joint venture partner in UCI WorldTour team Bahrain Merida, the company announced on Wednesday.
In a statement, McLaren in which Bahraini sovereign wealth fund Mumtalakat has a majority stake - said that the partnership will revolve around technical collaboration, human-high performance, and marketing and commercial services.
“Racing, technology and human performance are at the heart of everything we do at McLaren,” said group chief marketing officer John Allert.
“Cycling is something we have been involved with in the pat and have been looking at entering for some time.”
Previously, McLaren’s applied technologies unit worked with Team Sky and British Cycling ahead of the 2012 Olympics, and had a partnership with US-based cycle manufacturer Specialized.
“It is a completely natural fit for our skills and our ambitious and a perfect partnership with Team Bahrain Merida who have the right vision and approach for the future,” Allert added.
“We will be working tirelessly in the months ahead as we know the world of professional cycling is home to some of the best athletes and competitive teams in the world of sport.”
Bahrain Merida, which was founded in 2017, is owned by Bahraini royal family member Nasser bin Hamad Al Khalifa and is led by former Tour de France winner Vincenzo Nibali.
“What team Bahrain Merida has achieved in less than two years, off a standing start, is hugely impressive,” Allert said. “Working together with a team this driven is a very exciting prospect indeed.”
The financial terms of the deal were not disclosed.