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.
PHOTO: AFP
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.
US track and field athletes have about four dozen pieces to choose from when assembling their uniforms at the Olympics. The one grabbing the most attention is a high-cut leotard that barely covers the bikini line and has triggered debate between those who think it is sexist and others who say they do not need the Internet to make sure they have good uniforms. Among those critical or laughing at the uniforms included Paralympian Femita Ayanbeku, sprinter Britton Wilson and even athletes from other countries such as Britain’s Abigail Irozuru, who wrote on social media: “Was ANY female athlete consulted in
Four-time NBA all-star DeMarcus Cousins arrived in Taiwan with his family early yesterday to finish his renewed contract with the Taiwan Beer Leopards in the T1 League. Cousins initially played a four-game contract with the Leopards in January. On March 18, the Taoyuan-based team announced that Cousins had renewed his contract. “Hi what’s up Leopard fans, I’m back. I’m excited to be back and can’t wait to join the team,” Cousins said in a video posted on the Leopard’s Facebook page. “Most of all, can’t wait to see you guys, the fans, next weekend. So make sure you come out and support the Beer
Former US Masters champion Zach Johnson was left embarrassed after a foul-mouthed response to ironic cheers from spectators after a triple bogey at Augusta National on Friday. Johnson, the 2007 Masters winner, missed the cut after his three-over-par round of 75 left him on seven-over 151 for 36 holes, his six on the par-three 12th playing a big role in his downfall. Television footage showed Johnson reacting to sarcastic cheers and applause when he tapped in for the triple bogey by yelling: “Oh fuck off.” Such a response would be considered bad form in any golf tournament, but is particularly out of keeping
The sacred flame for the Paris Olympics was lit yesterday in Olympia, Greece, the birthplace of the ancient Games, in a ceremony inspired by antiquity and marked by messages of hope amid multiple global crises. “In ancient times, the Olympic Games brought together the Greek city states, even — and in particular — during times of war and conflict,” International Olympic Committee president Thomas Bach said. “Today, the Olympic Games are the only event that brings the entire world together in peaceful competition. Then as now, the Olympic athletes are sending this powerful message — yes, it is possible to compete fiercely