McLaren poised to announce stake sale to U.S. investors

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McLaren poised to announce stake sale to U.S. investors

Formula 1

McLaren poised to announce stake sale to U.S. investors

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McLaren is poised to announce the sale of a significant stake of its racing team to a U.S.-based consortium of investors on Sunday morning.

According to Sky News, MSP Sports Capital is leading a group that will see McLaren Racing receive an injection of £185 million ($245m) over the next two years, receiving an initial stake that is reported to be 15 percent, rising to 33 percent by 2022.

McLaren has been looking at a variety of ways to raise capital after the wider group was hit hard by the COVID-19 pandemic. The sale and leaseback of the McLaren Technology Centre — the team’s iconic headquarters in Woking — has also been explored, and it’s unclear if the investment will change those plans.

As well as the F1 operation, McLaren Racing includes the IndyCar team that returned to racing in the U.S. full-time this year.

Sky News reports the consortium includes private investment firm The Najafi Companies as well as UBS O’Connor, with Jahm Najafi set to become a vice-chairman of McLaren Racing as a result.

Jeff Moorad of MSP will reportedly join McLaren’s board of non-executive directors, having previously been involved in the management of Major League Baseball’s Arizona Diamondbacks and San Diego Padres.

McLaren has called a press conference with the McLaren Racing CEO Zak Brown for Sunday morning in Abu Dhabi, where it is expected the news will be formally announced.

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