F1 news: McLaren Racing sells third of company to US investors

ByReuters

Updated 13/12/2020 at 10:00 GMT

McLaren has new American minority investment which could rise as high as 33%. Bahrain's Mumtalakat holding company is the majority shareholder in McLaren Group. The Woking-based outfit have won the F1 constructors' championship eight times. McLaren Racing chief executive Zak Brown said: "I'm very confident we have a very strong future ahead of us."

Lando Norris races for McLaren

Image credit: Getty Images

U.S.-based investment group MSP Sports Capital are taking a significant minority stake in the McLaren Formula One team, McLaren Racing said in a statement on Sunday.

The deal, for an initial 15% holding that will rise to a maximum 33% by the end of 2022, will value the British racing outfit at £560m it added.

Under the deal, MSP will put £185m into McLaren Racing over a two-year period.

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The consortium members include The Najafi Companies, a private investment firm, and UBS O'Connor, a hedge fund subsidiary of Swiss investment banking firm UBS.

Jahm Najafi will become a vice-chairman of McLaren Racing, while Jeff Moorad of MSP and Rodrigo Trelles Zabala of UBS O'Connor will join the McLaren Racing board.

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