Bye, bye PIF

07 July 2023

The Middle East, specifically the Gulf, is rapidly becoming a global sports capital.

And so it is with Formula 1 that the Gulf has established itself as a major venue, with Bahrain, the United Arab Emirates, Saudi Arabia and Qatar all hosting races in the 2024 season.

There is a constant flow of motoring and motor racing news.

The Saudi Arabian Sovereign Fund (PIF) has recently sold its McLaren shares to the Bahrain State Investment Fund, Mumtalakat.

Mumtalakat purchased from PIF and Ares Management, who invested £400 million less than two years ago in their respective shareholding in McLaren.

Making Mumtalakat the biggest shareholder.

Although no money changed hands, Mumtalakat intends to provide additional finance soon. Rumours abound about a possible market flotation for McLaren.

Last year Mumtalakat injected £100 million when it acquired a part of McLaren’s heritage car collection.

PIF is now focussing on building a domestic football league (and recruiting the world’s top players), merging LIV Golf and the PGA tour and sponsoring a heavyweight premier boxing league.

Last year, Saudi Arabia’s Public Investment Fund (PIF) invested significantly in the carmaker as part of a £575m rights issue to help Aston pay off its debts.