{"id":37497,"date":"2022-12-03T12:04:25","date_gmt":"2022-12-03T17:04:25","guid":{"rendered":"http:\/\/autosector.com\/?p=37497"},"modified":"2022-12-03T12:04:25","modified_gmt":"2022-12-03T17:04:25","slug":"mlaren-sells-historic-cars-artura-funds","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=37497","title":{"rendered":"McLaren sells historic cars to raise cash to fund Artura upgrades"},"content":{"rendered":"

Cash-strapped McLaren<\/a> Holdings Ltd. has recently sold some of its prized heritage car collection to Bahrain\u2019s sovereign wealth fund Mumtalakat Holding Co. to raise capital.\u00a0<\/p>\n

The supercar<\/a> maker was forced to seek an injection of funds after identifying \u201ccertain technical upgrades\u201d on its Artura<\/a> hybrid supercar that triggered delivery delays, McLaren said earlier this week during its third-quarter earnings. Its main shareholder \u2014 with Mumtalakat owning a near 60% stake \u2014 agreed to support the company with an additional \u00a3100 million ($123 million), the company said.\u00a0<\/p>\n

A McLaren spokesman confirmed the sale of some heritage vehicles to the company\u2019s main shareholder in return for the cash infusion, without elaborating on the details of the cars sold.\u00a0<\/p>\n

McLaren\u2019s heritage vehicles count 54 rare Formula 1 racing cars and F1<\/a> supercars, according to its 2021 annual report. The same report states that the company sells cars<\/a> from its collection from time to time.\u00a0<\/p>\n

\u201cWe are in active talks with all shareholders regarding a recapitalization of the group,\u201d McLaren said on the call, indicating the additional funds won\u2019t be enough. It\u2019s also continuing talks for potential partnerships.\u00a0<\/p>\n

McLaren reported a loss of \u00a3203 million in the nine months through September, compared with a \u00a369 million loss a year ago. Liquidity at the end of the third quarter declined to \u00a387 million, down from \u00a3171 million.\u00a0<\/p>\n

The British marque has sought emergency financing multiple times over the past few years from shareholders amid long delays in the launch of the Artura. The latest round of fundraising comes just months after its shareholders \u2014 which also include investment firm Ares Management Corporation and Saudi Arabia\u2019s Public Investment Fund \u2014 gave \u00a3125 million through convertible preference shares.<\/p>\n

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