McLaren Group, the parent company of the Formula One motor racing team, has confirmed an investment of £203.8 million (US$277.2 million) from Canadian businessman Michael Latifi.
Latifi has acquired a stake of around ten per cent in McLaren Group, which also includes McLaren Automotive and McLaren Applied Technologies, through his Nidala Limited company, with the proceeds received over the coming year.
The agreement represents the first major new investment in McLaren since Ron Dennis ended his 37-year relationship with the Formula One outfit in June 2017.
The Bahrain Mumtalakat Holding Company and Luxembourg-based private holding company TAG Group subsequently became the McLaren Group’s long-term majority shareholders, with the former owning a 56 per cent stake, and the latter having 14 per cent.
Latifi’s son Nicholas races in Formula One’s main support series, Formula 2, and is also a test driver for McLaren’s rival team Force India.
The shareholding is seen as a purely commercial deal and the McLaren team said it was unrelated to the 22-year-old Latifi’s racing career.
In a statement, Michael Latifi said: “I have been an admirer of the McLaren brand and its businesses for some time. McLaren is a unique organisation in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment.”
Shaikh Mohammed bin Essa Al Khalifa, McLaren Group executive chairman, added: “This injection of capital is a vote of confidence in our future strategy and the group remains as focused as ever in positioning for growth. We are delighted Michael Latifi has joined the McLaren family.”