McLaren racing cars | Photo: McLaren's Twitter handle
A U.S. investment group has bought a 15% stake in McLaren Racing in a move the team hopes will strengthen its efforts to compete at the top in Formula One and IndyCar racing.
MSP Sports Capital will initially pay 185 million pounds ($245 million) to acquire the stake, which will rise to 33% by the end of 2022, according to a statement released on Sunday.
MSP is based in New York and has a background as investors in Major League Baseball and the National Basketball Association, as well as sports management.
McLaren entered its first F1 race in 1966 and won 20 F1 titles and more than 180 Formula 1 races but has not won one since 2012. However, the team's form has picked up in the past couple of seasons after a miserable spell when the switch back to Honda engines failed.
This season, Lando Norris and Carlos Sainz Jr. have one podium finish and next season will see the experienced Daniel Ricciardo arriving.
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," McLaren CEO Zak Brown said.
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. They are a partner as much as a shareholder."
After branching out from F1, McLaren won the Le Mans 24 Hours endurance race at the first attempt and the Indianapolis 500 three times.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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