McLaren eyeing F1® glory after attracting 'significant' new investment
Monday, 14 December 2020
The team secured £185million in investment into McLaren Racing.
McLaren are hopeful significant new long-term investment from a United States-based consortium will help the team became a Formula 1® force once again.
The McLaren Group on Sunday announced that MSP Sports Capital has acquired a significant minority shareholding in the British company.
MSP Sports Capital will pump £185million into McLaren Racing, taking an initial 15 per cent stake that will increase to a maximum of a 33 per cent shareholding by the end of 2022.
The new investors are renowned figures in the sports industry, as owners, investors and operators in leagues such as Major League Baseball and National Basketball Association.
McLaren believe the deal will give them a great opportunity to challenge for F1® and IndyCar glory.
Zak Brown, McLaren Racing's chief executive, said: "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. 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."
"I'm very confident we have a very strong future ahead of us."
— McLaren (@McLarenF1) December 13, 2020
A message from @ZBrownCEO on today's news of a significant new long-term investment into McLaren Racing. Full story https://t.co/66j20ZCrJ7 pic.twitter.com/M9smGI9oc9
Paul Walsh, executive chairman of the McLaren Group said: "The partnership we are announcing today represents another important step in our proactive strategy to position McLaren Group for long-term success.
"Bringing partner capital and expertise into McLaren Racing will support the team's return to the front of the grid and further strengthen our financial position.
"The fact that we have attracted a strategic investor of MSP Sports Capital's calibre is testament to the unique history and exciting prospects of McLaren Racing. The business remains part of the McLaren Group and we look forward to working with MSP Sports Capital to deliver the next chapter of growth and success."
