Bahrain and Abu Dhabi take the wheel at F1 team McLaren Racing

Bahrain’s sovereign fund, Mumtalakat and Abu Dhabi’s CYVN Holdings became the full owners of Formula One’s McLaren Racing on Tuesday in a transaction that is reportedly valued at as much as $5 billion.

The team issued a statement that confirmed the transfer of all shares that were previously held by MSP Sports Capital, funds managed by O’Connor Capital Solutions, Ares Sports, Media and Entertainment funds, and Caspian Funds.

Bahrain sovereign wealth fund Mumtalakat will remain the majority shareholder with CYVN holding a non-controlling stake, Reuters reports.

It comes amid an on-track resurgence for McLaren, with drivers Oscar Piastri and Lando Norris sitting in first and second place after winning 12 out of 15 races this season.