London: The McLaren Formula One team have announced that the Bahrain's Mumtalakat Holding Company has agreed to buy a 30 percent stake in the team.

In a statement issued by the team on Tuesday the Woking-based outfit said,"The Bahrain Mumtalakat Holding Company a wholly owned company of the Kingdom of Bahrain announced that it 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, Ron Dennis (McLaren Group Chairman & CEO), TAG Group (Holdings) SA and DaimlerChrysler AG. "

"As is required, an application is currently being made for the necessary competition law clearances which are expected to be received within a period of six weeks," he said.

McLaren stressed that the company will continue to be managed by its existing management team and that no further comment will be made at this stage.