McLaren selling minority stake in F1 team; to value it at £560 million: Report

The MSP Sports Capital-led consortium would put 185 million pounds into McLaren Racing over a two-year period, as per a report.
By : Reuters
| Updated on: 13 Dec 2020, 10:45 AM
FILE PHOTO: Formula One F1 - Sakhir Grand Prix - Bahrain International Circuit, Sakhir, Bahrain. (Pool via REUTERS)
FILE PHOTO: Formula One F1 - Sakhir Grand Prix - Bahrain International Circuit, Sakhir, Bahrain. (Pool via REUTERS)
FILE PHOTO: Formula One F1 - Sakhir Grand Prix - Bahrain International Circuit, Sakhir, Bahrain. (Pool via REUTERS)
FILE PHOTO: Formula One F1 - Sakhir Grand Prix - Bahrain International Circuit, Sakhir, Bahrain.

McLaren are selling a minority stake in their Formula One team to a consortium of US-based investors in a deal that will value the British racing outfit at 560 million pounds ($740.49 million), Sky News reported on Saturday, citing sources.

The MSP Sports Capital-led consortium would put 185 million pounds into McLaren Racing over a two-year period, Sky News reported, adding that the deal could be announced as early as Sunday.

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McLaren Racing and MSP Sports Capital did not immediately respond to a request for comment.

(Also read | Mercedes F1 champion Lewis Hamilton may receive knighthood)

The consortium members included The Najafi Companies, a private investment firm, and UBS O'Connor, a hedge fund subsidiary of Swiss investment banking firm UBS, the report added.

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Sky News said that the consortium would initially acquire a 15% stake in McLaren Racing, rising to 33% by the end of 2022.

One of the consortium's principals, 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 as non-executive directors, according to the report.

(Also read | Pirelli tyres meant for F1 2021 season draw ire, Lewis Hamilton leads charge)

Bahrain's Mumtalakat holding company is the majority shareholder in McLaren Group. The Woking-based outfit have won the F1 constructors' championship eight times.

First Published Date: 13 Dec 2020, 10:45 AM IST
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