Bahrain's state investment fund Mumtalakat said on Thursday it has bought the senior preference shareholder stakes in McLaren Group, as part of a proposed broader restructuring.

The move will expand Mumtalakat's majority stake in McLaren, which includes the British supercar maker and McLaren Racing.

Bahrain's sovereign wealth fund bought shares and warrants worth 400 million pounds ($510 million) in McLaren from Saudi Arabia's Public Investment Fund (PIF) and Ares Management , Sky News reported.

The proposed restructuring, which is subject to ongoing shareholder discussions, aims to achieve the group's long-term objectives, Mumtalakat said in a statement.

Mumtalakat views the restructuring "as the optimal governance structure to deliver McLaren's Future of Performance strategy," it said.

The transaction will not lead to any new money being injected into McLaren, the Sky News report said.

In July 2021, global investment firm Ares Management and Saudi Arabia's PIF provided much of a 550 million-pound equity investment in McLaren.

Mumtalakat did not immediately respond to an emailed request for comment. Ares Management declined to comment, while McLaren and the PIF did not immediately respond.

Mumtalakat's chief executive Khalid Al Rumaihi told Reuters in June last year that he expected McLaren to go public in two to three years.

($1 = 0.7836 pound)

(Reporting by Bharat Govind Gautam in Bengaluru, Jana Choukeir and Yousef Saba in Dubai; Editing by Chris Reese, Matthew Lewis and Alexander Smith)