McLaren Racing completed its ownership restructure this month, closing at a £3.5 billion valuation. MSP Sports Capital sold its stake to existing backers Ares Management and Mumtalakat, Bahrain's sovereign wealth fund. The deal ends a four-year chapter that began when MSP injected £185 million in 2020 to keep McLaren solvent during the pandemic.
The restructure leaves Mumtalakat holding a reported 60% of McLaren Racing, with Ares owning most of the rest. MSP's exit was negotiated over six months and finalised in late 2024, though the valuation was only confirmed this week. McLaren Group, the parent entity that includes the automotive division, remains separate. The racing operation—Formula 1, IndyCar, Formula E—now carries a standalone enterprise value nearly double MSP's entry price four years ago.
The £3.5bn figure matters because it anchors McLaren as the second-most-valuable team in Formula 1 by disclosed valuation, behind only Red Bull Racing's implied $6bn from the Thai side of that ownership conversation last year. It also creates a comp for the next franchise looking to raise at scale. Williams Racing, currently exploring a minority sale, will cite this number. So will Sauber's new Audi-backed owners when they talk to sponsors about activation rates per pound of brand spend. McLaren's climb from a £560 million cash crisis in 2020 to a £3.5bn exit sets the high-water mark for what a turnaround looks like when you pair Saudi and Gulf capital with a constructor finishing P4 in 2023 and P2 in 2024.
Mumtalakat's increased stake reflects Bahrain's broader motorsport strategy. The kingdom already hosts the Bahrain Grand Prix and holds positions in several F1 commercial ventures. Ares, a Los Angeles-based alternative credit manager with $435 billion in assets under management, first entered McLaren in 2022 with a £400 million loan facility that converted to equity. That structure—debt-to-equity at a predetermined valuation step—became common among F1 teams during the cost-cap era, when traditional sponsor revenue couldn't cover the transition to budget discipline. Ares now owns what sources estimate at 20-25% of McLaren Racing, though the firm has not disclosed the exact figure.
MSP's exit timing aligns with two developments. First, McLaren's P2 constructor finish in 2024 triggered performance bonuses and a prize-money bump worth an estimated $25 million annually. Second, the team's renewed commercial momentum—Cisco signed a $20 million-per-year title sponsorship in 2022, OKX extended through 2027, and Google Cloud joined in 2023—made refinancing easier. MSP, which manages $7 billion across sports and entertainment assets, had already rotated capital into NBA and English football stakes by mid-2024. The McLaren exit completes that pivot.
The operational question now is how Mumtalakat and Ares will fund McLaren's next phase. The team spent $135 million in 2024, the maximum under F1's cost cap, and plans a £200 million wind-tunnel and simulator upgrade at its Woking campus. Mumtalakat has historically favoured patient capital with long hold periods—its 30% stake in McLaren Group dates to 2007—but Ares runs shorter clocks. The firm's sports book typically targets 5-7 year exits. That suggests either a secondary sale to another institution or an IPO window if McLaren strings together two more top-three constructor finishes.
Zak Brown, McLaren Racing CEO, told press the restructure "strengthens our financial foundation" and "enables long-term investment." Translation: the team now has a balance sheet to chase a title without stopping mid-season to refinance. Andrea Stella's technical group has a two-year runway to develop the 2026 power unit regulations without budget distractions. The cost cap ceiling rises to $140 million in 2026, and McLaren will spend it.
MSP's departure also removes a governance layer. The firm held board seats and quarterly reporting requirements that slowed some commercial decisions, according to two people familiar with the structure. Mumtalakat and Ares both prefer lighter oversight. That leaves Brown and team principal Andrea Stella with more room to negotiate driver contracts, sponsorship terms, and technical partnerships without needing Delaware approval.
Watch for three follow-on moves. First, McLaren will likely announce a facilities financing round by Q2 2025 to fund the Woking upgrades without tapping operational cash. Second, the team is in active talks with two engine suppliers—Mercedes and Honda—for the 2026 power unit switch. A decision is expected by March. Third, Lando Norris's contract expires at the end of 2025. His market value after finishing P2 in the drivers' championship is now estimated at $25-30 million per year, triple his current deal. McLaren has the balance sheet to match it.
The £3.5bn valuation is not an exit. It is a reset. Mumtalakat now owns enough of McLaren to treat it as a sovereign asset, not a portfolio allocation. Ares owns enough to expect liquidity in five years. The tension between those two time horizons will define whether McLaren builds a dynasty or flips again before 2030.
The takeaway
McLaren Racing closed at **£3.5bn**, making it F1's second-most-valuable team and setting the comp for Williams and Audi-Sauber fundraises.
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