Bahrain has bought a 30 percent stake in the McLaren Formula One racing team, the team confirmed on Tuesday.
McLaren team boss Ron Dennis and the Saudi-born investor Mansour Ojjeh have sold a 15 percent share each in the McLaren Group to a company wholly owned by the kingdom of Bahrain.
The sale has thwarted for the time being a bid by team partner Mercedes, which holds a 40 percent stake, for a complete buy-out.
Mercedes is the largest stakeholder of the McLaren Group, with the remaining 60 percent now divided between Bahrain Mumtalakat Holding Company (30 percent), wholly owned by Bahrain, Dennis (15 percent) and Ojjeh (15 percent), head of the electronics firm TAG.
A statement on the team's Web site said Mumtalakat had "entered into an agreement, by way of a strategic investment, to acquire a 30 percent stake in McLaren Group Limited following a period of extensive discussions with the existing McLaren Group shareholders."
McLaren said an application was being made for the necessary competition law clearances, which were expected to be received within six weeks.
"The company will continue to be managed by its existing management team," it said.
No financial details of the deal were released.
British-based McLaren and Germany's Mercedes have been involved in talks for several months on a possible takeover.
Mercedes appears now left with only the possibility of acquiring a majority stake in the group by buying the remaining stakes held by Dennis or Ojjeh.
The news comes six days before the team presents its new car in Valencia, Spain for the 2007 season.
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