The Gulf state’s sovereign wea🌄lth fund is on the verge of effectively becoming McLaren’s sole owner in a deal that could be announced as soon as this week, according to a report by . 

It🦋 would involve “roughly 20 per cent of the equity in McLaren being c𒐪onverted into the new contracts”, the report said. 

Sky News reported the new contracts will have the economic rights to benefit from a future “liqui🐟dity event” such as an initial public offering of McLaren, but would not be classed as shares. 

Mumtalakat, which already owns an estimated 60 per cent stake in t♚he McLaren Group, said on Tuesday that the Group’s shareholders had approved a full recapi🐎talisation. 

This is set to introduce a “simpliܫfied share structure, a streamlined governance process and expansion to new markets”. 

Paul Wa♐lsh, McLaren Group Executive Chairman, said: “Completing the recapitalisation is a significant step in the ongoing transformation of the Group and provides a solid platform from which to grow our product offering and brand presence.”

H.E. Shaikh Abdulla bin Khalifa Al Khalifa, Chief Executive Officer o🧜f Bahrain Mumtalakat Holding Company, the majority shareholder of the Group, said: "Today's announcement is ꦦtestament to the diligent steps that have been taken in what is a comprehensive and long-term plan with our partners to deliver an optimal governance structure as the Group continues to design and deliver the world’s most innovative and exhilarating supercars.”