McLaren are one of the most prominent supercar manufacturers in the world, producing some of the most impressive pieces of machinery over the course of their existence.
The McLaren Artura is set to be one of the most impressive supercars produced by the British company, but the process to create and roll out the Artura has been far from straightforward.
The car manufacturer have been forced to seek emergency funding numerous times over the past couple of years to aid with the Artura project, recently raising £125 through convertible preference shares from Ares Management Corporation and Saudi Arabia’s Public Investment Fund.
McLaren have recently reported a loss of £203 million over the previous nine months, nearly three times the figure from the year prior.
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“We are in active talks with all shareholders regarding a recapitalisation on the group,” said the company in a recent report, after recently being forced to look elsewhere for sources of capital.
It has now been revealed that McLaren have chosen to sell some of their heritage vehicles to Bahrain’s sovereign wealth fund, Mumtalakat Holding Co. to raise capital, with the collection including 54 Formula 1 cars and Supercars.
While it is not unusual for the company to sell one or two of these cars from time to time, it is believed that McLaren have been forced to sell a significant amount of their prized collection to help fund the Artura project.
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The supercar makers have reportedly encountered problems with certain technical upgrades on the Artura hybrid supercar that have caused the release of the car to be delayed.
In return for an undisclosed number of the historic car collection, Mumtalakat Holding Co. have agreed to grant McLaren an additional £100 million to help them overcome their financial issues caused by the Artura project.
McLaren’s financial woes will not be helped by the Formula 1 team’s performance, with Zak Brown’s team missing the chance to overtake Alpine at the final race of the season, and never quite taking advantage of the major regulation changes at the start of the year that so many had tipped them to do.