Results 1 to 9 of 9
-
9th January 2007, 13:48 #1
- Join Date
- Dec 2002
- Posts
- 1,692
- Like
- 0
- Liked 0 Times in 0 Posts
Kingdom of Bahrain buys 30% of McLaren!!
Interesting how this affects the Mercedes buyout whispers:
============================================
http://www.autosport.com/news/report.php/id/56174
Bahrain company buys into McLaren
By Jonathan Noble Tuesday, January 9th 2007, 13:18 GMT
McLaren have announced that a company owned by the Kingdom of Bahrain intends to buy a 30 percent stake in the team.
The Bahrain Mumtalakat Holding Company has agreed to take over some of the shares that were previously owned by team boss Ron Dennis and fellow shareholder Mansour Ojjeh.
The deal now needs to be cleared by competition regulators, and that could take up to six weeks. Until that has happened, the team will not comment on the matter.
If the deal is given the green light, then it will result in DaimlerChrysler owning 40 percent of the team, the Mumtalakat Holding Company owning 30 percent, and Dennis and TAG Group (Holdings) SA holding 15 per cent each.
There had been intense speculation last year that Dennis was about to sell his shares to Mercedes-Benz, ahead of a possible retirement from the sport.
That rumours came to nothing, despite many discussions with Mercedes-Benz chiefs and parent company DaimlerChrysler and how to move the team forward
Speaking to autosport.com before Christmas, however, Dennis said that he and Ojjeh were open to any sale offers providing they both felt they would be of benefit to the team.
"I don't know how many times we have discussed it," he said. "We certainly discussed it last year. Obviously when you have these discussions inevitably you get into groups of people, and board members realise the sensitivities of the discussions. So sometimes elements leak out.
"I have said at Grands Prix and I'll say again: there are many opportunities that present themselves in our lives, as an individual and as corporations.
"Any opportunity that presents itself to this group, that can make it better, and is completely supported by its management who are non-equity holders, I would embrace it.
"But I would never endorse and nor would Mansour, a simple exit strategy. What we would endorse is something that can grow the group."
McLaren have made it clear that the team's current management structure will stay in place despite the change of ownership.2006 GO!
> Scott Speed
> Red Bull Racing
> Scuderia Toro Rosso
> Sebastian Vettel
-
9th January 2007, 14:00 #2
- Join Date
- Sep 2006
- Location
- My home is a sanctuary for my spirit, where my soul can touch base with its source, Almighty God.
- Posts
- 1,512
- Like
- 0
- Liked 0 Times in 0 Posts
If true, this is a very interesting development. All prior reports of the contract between DaimlerChrysler and McLaren indicated that if Ron or Manseur wanted to sell, DaimlerChrysler had the right of first refusal. Does this mean that DaimlerChrysler are permitting the sale -- meaning they are not interested in increasing their investment in McLaren -- or were the earlier reports of the first refusal right in error?
"An armed society is a polite society. Manners are good when one may have to back up his acts with his life." —Robert Heinlein
-
9th January 2007, 14:49 #3
- Join Date
- Nov 2006
- Posts
- 198
- Like
- 0
- Liked 0 Times in 0 Posts
bahrain race may be in favour of mclaren then :P
-
9th January 2007, 15:15 #4
- Join Date
- Sep 2006
- Location
- In a House
- Posts
- 334
- Like
- 0
- Liked 1 Time in 1 Post
Interesting, I'l say !!!
Michael Schumacher has not won 7 world championships by driving like a christian motorist, David Coulthard on the other hand...... - J. Clarkson
-
9th January 2007, 20:46 #5
- Join Date
- May 2003
- Location
- Wollongong, Australia
- Posts
- 2,777
- Like
- 0
- Liked 65 Times in 42 Posts
Didn't see that one coming.
I didn't think Dennis would sell up to anyone, al la Eddie Jordan or Paul Stoddart. I always thought he would only sell to either Mercedes or someone else with similar ideas as himself.
Selling for oil money surprises me. I bet it's a large wedge of cash!Forza Ferrari!!
-
10th January 2007, 04:49 #6
- Join Date
- Apr 2003
- Posts
- 14,547
- Like
- 0
- Liked 4 Times in 4 Posts
A country buys a race team, or at least a share of it. Interesting. I suppose DC didn't care to increase their stake in this, they get what they need with their existing share....
"Water for my horses, beer for my men and mud for my turtle".
-
12th January 2007, 18:49 #7
- Join Date
- Sep 2006
- Location
- My home is a sanctuary for my spirit, where my soul can touch base with its source, Almighty God.
- Posts
- 1,512
- Like
- 0
- Liked 0 Times in 0 Posts
Originally Posted by Mark in Oshawa
There are some historical parallels to the nationalizing of teams. This was what James Gordon Bennett had in mind with his national colors for racing. Of course, with the silver arrows, one immediately thinks of the "branding" of the Auto-Unions and Mercedes Benzs with the swastika. I wonder where this will lead."An armed society is a polite society. Manners are good when one may have to back up his acts with his life." —Robert Heinlein
-
16th January 2007, 09:18 #8
I found this article interesting.
-
16th January 2007, 14:42 #9
- Join Date
- Sep 2006
- Location
- My home is a sanctuary for my spirit, where my soul can touch base with its source, Almighty God.
- Posts
- 1,512
- Like
- 0
- Liked 0 Times in 0 Posts
Originally Posted by Malllen"An armed society is a polite society. Manners are good when one may have to back up his acts with his life." —Robert Heinlein
Meeke had a big gap to Rossel after stage 3 (20 sec) at stage 4 had a puncture and now the gap to Rossel is just 2 sec Gryazin strangely slow,anybody now why?...
Portuguese Rally News