Michael Latifi becomes McLaren shareholder

McLaren Technology Centre (Image courtesy of McLaren)

Michael Latifi becomes McLaren shareholder

Formula 1

Michael Latifi becomes McLaren shareholder

McLaren has confirmed that Michael Latifi — the father of Canadian driver Nicholas — has become a shareholder in the group.

The McLaren Group — encompassing the McLaren Automotive, McLaren Racing and McLaren Applied Technologies — announced a week ago that it had received a capital injection of £203.8 million ($273m) from Nidala (BVI) Limited in order to purchase 888,135 ordinary shares. McLaren has now confirmed that Nidala is controlled by the Canadian businessman and says the sale of shares is “a move that significantly strengthens the group’s balance sheet and underpins its ambitious growth plans.”

Latifi’s son Nicholas this year races in FIA Formula 2 for DAMS and is currently ninth in the drivers’ championship. He is also the reserve and test driver for Force India and got his first taste of the team’s 2018 car at last week’s Barcelona test. However, the family is now involved with McLaren following the shareholding purchase.

“This injection of capital is a vote of confidence in our future strategy and the group remains as focused as ever in positioning for growth,” McLaren Group Executive Chairman Shaikh Mohammed bin Essa Al Khalifa said. “We are delighted Michael Latifi has joined the McLaren family.”

Michael Latifi himself says he sees a bright future for the McLaren brand across its numerous companies.

“I have been an admirer of the McLaren brand and its businesses for some time,” Latifi added. “McLaren is a unique organization in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand.”

-Chris Medland

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