McLaren selling minority stake in F1 team; to value it at £560 million: Report1 min read . Updated: 13 Dec 2020, 10:45 AM IST
The MSP Sports Capital-led consortium would put 185 million pounds into McLaren Racing over a two-year period, as per a report.
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.
McLaren Racing and MSP Sports Capital did not immediately respond to a request for comment.
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.
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.
Bahrain's Mumtalakat holding company is the majority shareholder in McLaren Group. The Woking-based outfit have won the F1 constructors' championship eight times.
This story has been published from a wire agency feed without modifications to the text.