McLaren to sell its stake in the F1 team to US-based investors RaceFans

0
31


McLaren is expected to announce that it will sell a stake in its Formula 1 team to a group of American investors, one of whom has already tried to buy a rival team.
MSP Sports Capital is leading a consortium that will invest in the UK team. Jeff Moorad, a partner at the company, considered buying Force India in 2018, before it was bought by Lawrence Stroll.MSP has previously been involved with other sports organizations, including US football and baseball teams and clubs. of European football.

News of the sale was revealed by Sky. McLaren has not confirmed the deal, but has scheduled a press conference with McLaren Racing CEO Zak Brown tomorrow afternoon in Abu Dhabi, ahead of the final race of the season at the Yas Marina circuit.

The news comes at the end of a financially difficult year for McLaren. The group announced in May that it would lay off around 1,200 employees, most of them outside of its racing activities, in the wake of the impact of the pandemic. He took out a £ 150million loan from the National Bank of Bahrain the following month. It is also organizing a sale-leaseback of its head office at McLaren Technology Center in Woking in order to raise additional capital.

The new deal will value McLaren Racing at £ 560million and bring £ 185million in equity to the company. The consortium led by MSP will include the private investment firm The Najafi Companies and UBS O’Connor, an independent subsidiary of the Swiss investment bank.

McLaren’s ownership is currently split between Mumtalakat – Bahrain’s sovereign wealth fund – which owns 56%, Mansour Ojjeh’s TAG company (14%) and Nicholas Latifi’s father Michael, who acquired 10% of the company in 2018. The rest is shared among other small players.

Announcement | Become a RaceFans supporter and go ad-free

2020 Abu Dhabi Grand Prix

Browse all items from the 2020 Abu Dhabi Grand Prix

LEAVE A REPLY

Please enter your comment!
Please enter your name here