McLaren sells major stakes in pursuit for Formula 1 glory
McLaren sells majority stake of 15% in the pursuit to aim for Formula 1 glory, as MSP Sports Capital brings in hefty investment.
McLaren once a powerhouse in Formula 1 is now a distant reflection of its past, though still a decent side, yet not a good enough to challenge for the title.
Now to boost their future prospects, McLaren has sold a stake of 15% of their racing team to the MSP Sports Capital, as told by their website, which will in return bring massive investment to further bolster their challenge in F1.
“This investment represents a key moment in the progress of McLaren Racing. MSP Sports Capital is first and foremost a sports investor. They know the market and their team has considerable experience and proven success in global sports properties.” said Zak Brown, McLaren Racing CEO.
“They are a partner as much as a shareholder, with the ability to leverage their network and knowledge for the long-term benefit of McLaren Racing.
“This new investment bolsters our plan to return McLaren to contention for race wins and championships in Formula 1 and IndyCar, and will strengthen our positive momentum as we continue to focus relentlessly on our mission to return to the top of the podium.”
MSP Sports Capital will invest a total of £185m into McLaren Racing, acquiring an initial 15% stake that will increase to a maximum of a 33% shareholding by the end of 2022. The transaction values McLaren Racing at £560m, post-money, the website further states.
MSP ardent to bring success to McLaren
The new stakeholders of the racing team have committed that they will be planning for McLaren’s long term success on the track, which includes their major interest in F1.
“We’re excited about the opportunity to support Zak Brown and his management team and to help grow the McLaren Racing brand. We’re committed to assisting the team in accomplishing its objective of returning to the front of the grid,” said Jeff Moorad, Principal MSP.
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