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.
- Hard-serving Ivo Karlovic officially announces his retirement from tennis
- World team table tennis c’ships: India men edge out Kazakhstan to enter Round of 16
- Former India cricketer Lalchand Rajput appointed UAE head coach
- Take Bairstow out of firing line: Cook urges England to bench the out-of-form batter
- Royal Challengers Bangalore WPL 2024 team analysis: Squad depth, players to watch out, fixtures