U.S.-based investment group MSP Sports Capital are taking a significant minority stake in the McLaren Formula 1 team, McLaren Racing said in a statement on Sunday.
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.