Mumtalakat, Bahrain’s sovereign wealth fund, has completed a deal to take full ownership of McLaren Group, Sky News reported on Friday.

Mumtalakat is the majority shareholder of the Group with a 50% stake, which includes the British supercar maker and McLaren Racing. The auto maker incurred losses in the wake of the pandemic with investors having to pump $1.92 billion across four years to stem losses. In December, the Group said its shareholders have unanimously approved a full recapitalisation.

The Sky News report said that McLaren will announce later on Friday that the recapitalisation of the supercar manufacturer and Formula One team shareholder has been concluded.

As part of the recapitalisation deal, McLaren's remaining minority shareholders have agreed to convert their equity into warrant-like instruments, it said.

(Writing by Brinda Darasha; editing by Seban Scaria)