S
SEARCH
M
SW
Saturday, July 11
Collect News Data
/esi/1339/6_A_10_404443_0/index.html?art_id=404443&ESI

Bahrain bank loans McLaren $185m

:Headline: Bahrain bank loans McLaren $185m:
McLaren is borrowing about $185 million from a Bahraini bank.

McLaren is borrowing about $185 million from a Bahraini bank.

On Monday, amid claims the team needed funds desperately in order to avoid insolvency by mid July, McLaren supremo Zak Brown declared: "The problems have been solved.

"You will hear positive news from us in the next few days," he told Auto Motor und Sport.

Indeed, the National Bank of Bahrain confirmed on Monday: "The National Bank of Bahrain hereby confirms to the markets that final documentation has been signed and all the necessary approvals have been granted in relation to a GBP 150 million financing facility."

Woking based McLaren is 56 percent owned by the Bahrain royal family's Mumtalakat investment company. The same company owns 44 percent of the bank.

Also on Monday, Liberty Media announced that its almost $3 billion loan facility concerning Formula 1 has been amended so that the covenant runs until 2022.

"This new flexibility in our debt covenants, along with a strong balance sheet and ample liquidity, will enable us to weather this difficult time," said F1 CEO Chase Carey.

body check tags ::

amp_article_404443 : Collect and Make Data not in DataBase  : 
last updated article - 2020-06-30 08:15:27:
html db last update - 2020-07-10 18:49:19 :

ex - 7200 : read : write cache and make html

Click here for more stories about Chase Carey

Click here for more stories about McLaren

Share this article now:
Show comments

Subscribe to our Newsletter


Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
UC
Get the latest transfer news, match previews and news direct to your inbox!
Recommended Next on SM
Second part of 2020 calendar to be released
Tottenham 'offer Willian lucrative contract'
F1 coronavirus measures 'a bit strange' - Coulthard
Premier League Table
TeamPWDLFAGDPTS
CLiverpool34302275264992
2Manchester CityMan City34223986345269
3Chelsea341861063461760
4Leicester CityLeicester34178964323259
5Manchester UnitedMan Utd341610859332658
6Wolverhampton WanderersWolves34131384537852
7Sheffield UnitedSheff Utd34131293533251
8Arsenal34121485042850
9Tottenham HotspurSpurs341310115244849
10Burnley34147133846-849
11Everton34129134149-845
12Southampton34135164356-1344
13Newcastle UnitedNewcastle341110133550-1543
14Crystal Palace34119143043-1342
15Brighton & Hove AlbionBrighton34812143647-1136
16West Ham UnitedWest Ham3487194059-1931
17Watford34710173153-2231
18Bournemouth3477203259-2728
19Aston Villa3476213665-2927
20Norwich CityNorwich3456232663-3721
Scroll for more - Tap for full version

Subscribe to our Newsletter


Transfer Talk Daily
Match previews - twice weekly
Morning Briefing (7am UTC)
UC
Get the latest transfer news, match previews and news direct to your inbox!

Loading ...

Failed to load data.

. . . . . . . . . . . . . . . .
X

We value your privacy

A part of our GDPR compliance we need to ask for your consent. We and our partners use technology such as cookies on Sports Mole to personalise content and ads, provide social media features, and analyse our traffic. Click below to consent to the use of this technology on Sports Mole.