MSP Sports Capital acquires minority stake in McLaren

MSP Sports Capital is taking a significant minority stake in the McLaren Formula One team, McLaren Racing said in a statement.

Published : Dec 13, 2020 14:37 IST

Britain’s Lando Norris drives the McLaren F1 Team MCL35 Renault on track during the Bahrain Grand Prix on December 6, 2020.

Britain’s Lando Norris drives the McLaren F1 Team MCL35 Renault on track during the Bahrain Grand Prix on December 6, 2020.

U.S.-based investment group MSP Sports Capital is 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 percent holding that will rise to a maximum 33 percent by the end of 2022, will value the British racing outfit at GBP 560 million (USD 740.49 million), it added.

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

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.

Bahrain’s Mumtalakat holding company is the majority shareholder in McLaren Group. The Woking-based outfit has won the F1 constructors’ championship eight times.