MSP Sports Capital acquires minority stake in McLaren

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VIDEO SHOWS: FILE FOOTAGE OF MCLAREN F1 2020 CAR LAUNCH, FILE FOOTAGE OF MCLAREN RACING CARS ON DISPLAY AT THE F1 TEAM'S WOKING BASE

SHOWS:

WOKING NEAR LONDON, ENGLAND, UNITED KINGDOM (FILE - FEBRUARY 13, 2020) (REUTERS - ACCESS ALL)

1. NEW MCLAREN FORMULA ONE CAR, THE MCL35

2. NOSECONE

3. COCKPIT AND DRIVER'S PROTECTIVE HALO

4. VARIOUS OF DRIVERS LANDO NORRIS (BLUE TOP) AND CARLOS SAINZ (WHITE TOP) WITH MCLAREN F1 CHIEF EXECUTIVE, ZAK BROWN

5. CAR ON DISPLAY

WOKING, ENGLAND, UNITED KINGDOM (FILE - MAY 22, 2017) (REUTERS - ACCESS ALL)

9. VARIOUS OF MCLAREN RACING CARS ON DISPLAY

10. CAR FORMERLY DRIVEN BY BRAZIL F1 LEGEND AYRTON SENNA

11. VARIOUS OF 80s MCLAREN FORMULA 1 CAR MP4-5 ON DISPLAY

12. (GREEN) M16E MCLAREN RACED IN THE INDIANAPOLIS 500 IN 1975

13. SIGN DETAILING MODEL OF RACE CAR

14. CLOSE OF MCLAREN WRITING ON REAR WING OF INDY CAR

15. VARIOUS OF BUTTONS FOR CONTROLS INSIDE DRIVER'S COCKPIT

16. VARIOUS OF BLACK MCLAREN RACE CAR

STORY: U.S.-based investment group MSP Sports Capital are taking a significant minority stake in the McLaren Formula One team, McLaren Racing said in a statement on Sunday (December 13).

The deal, for an initial 15% holding that will rise to a maximum 33% by the end of 2022, will value the British racing outfit at 560 million pounds ($740.49 million), it added.

Under the deal, MSP will put 185 million pounds into McLaren Racing over a two-year period.

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

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.

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

($1 = 0.7563 pounds)

(Production: Tim Hart)