McLaren confirms MSP Sports Capital deal bringing £185 million into team · RaceFans

by Dec 13, 20200 comments

[ad_1]

McLaren has confirmed a group led by investor MSP Sports Capital will take a 33% stake in McLaren Racing, which includes its Formula 1 team.

The deal values McLaren Racing at £560 million and will bring £185m into the group’s motorsport division. Alongside its F1 team, McLaren Racing also competes in IndyCar and is considering moves into Formula E and the World Endurance Championship.

As reported yesterday, MSP’s investment group includes its partners UBS O’Connor and The Najafi Companies. They will initially take a 15% stake which will rise to 33% by the end of 2022.

“This investment represents a key moment in the progress of McLaren Racing,” said CEO Zak Brown. “MSP Sports Capital is first and foremost a sports investor. They know the market and their team has considerable experience and proven success in global sports properties.

“They are a partner as much as a shareholder, with the ability to leverage their network and knowledge for the long-term benefit of McLaren Racing.

“This new investment bolsters our plan to return McLaren to contention for race wins and championships in Formula 1 and IndyCar, and will strengthen our positive momentum as we continue to focus relentlessly on our mission to return to the top of the podium.”

MSP Sports Capital’s Jeff Moorad, who in 2018 was one of several parties which expressed interest in taking over the ailing Force India team, will join McLaren Racing’s board of directors with Rodrigo Trelles Zabala of UBS O’Connor. Sheikh Mohammed bin Essa Al Khalifa of McLaren’s majority owner, Bahrain’s sovereign wealth fund Mumtalakat, and Jahm Najafi will become vice-chairmen of the racing division, with McLaren’s Paul Walsh sitting as chairman

Advert | Become a RaceFans supporter and go ad-free

2020 F1 season

Browse all 2020 F1 season articles

[ad_2]

Source link

Read More 

Schumacher drives father’s Jordan 191

Schumacher drives father’s Jordan 191

[ad_1] In an iconic moment, at Silverstone yesterday, Mick Schumacher took to the wheel of the Jordan in which his father made his F1 debut thirty years ago.The Haas driver was on tyre testing duty for Pirelli at Silverstone, when, during the lunch break, Sky Sports...

3 Performance Wagons that give Supercars a run for their money

3 Performance Wagons that give Supercars a run for their money

[ad_1] The humble station wagon has always been in the shadows of the traditional family sedans and the versatile modern crossover SUVs.With the long-roof body style only representing about two percent of the total vehicle sales in the US, it is evident that the...

British GP: Sprint team notes – McLaren

British GP: Sprint team notes – McLaren

[ad_1] Lando Norris: "A good first sprint quali race! I think we achieved everything we could've hoped for today. We got ahead of one of the Red Bulls, which is a quicker car, but we managed to beat them off the start and over the first lap, so it was a fun...

Russell handed grid penalty – Pitpass.com

Russell handed grid penalty – Pitpass.com

[ad_1] George Russell has been handed a 3-place grid penalty for Sunday's British Grand Prix after being adjudged as causing the collision with Carlos Sainz.Having spoken with both drivers and viewed the relevant video evidence, the stewards founds that Russell and...

Leave a comment.

0 Comments

Submit a Comment

Your email address will not be published.