Photo: McLaren Racing
What do a Belgian soccer club, a Portuguese sports club, and McLaren Racing have in common? American money, that’s what, or at least the source of the money.
We all know by now McLaren as a group is not exactly enjoying its best of times, financially speaking, despite all the efforts made by the automotive division to greatly expand its portfolio. At one point, we even got news of the carmaker seeking a new owner for its landmark headquarters in Woking, Surrey, UK.
A helping hand, the same that was extended to the Belgian and Portuguese clubs, comes from New York-based MSP Sports Capital, an investment fund that “provides strategic capital.” The Americans agreed to pump money into McLaren Racing, in exchange for a significant percentage of the company.
McLaren Racing is involved in both Formula 1 (as McLaren Renault, with drivers Lando Norris and Daniel Ricciardo geared up to compete in the coming season) and IndyCar (as Arrow McLaren SP with drivers Pato O'Ward and Felix Rosenqvist on the payroll for 2021), but needs to contribute to the group’s well-being, and so it did, apparently.
According to Bloomberg, MSP would pay £185 million ($245 million) for a 15 percent stake in the racing company, which should grow to a total of 33 percent by 2022. McLaren Racing was valued for the transaction at £560 million ($760 million).
"This investment represents a key moment in the progress of McLaren Racing. MSP is first and foremost a sports investor," said in a statement Zak Brown, CEO of McLaren Racing. "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."
It’s unclear if or how the new investors will influence McLaren’s participation in the two racing series.
A helping hand, the same that was extended to the Belgian and Portuguese clubs, comes from New York-based MSP Sports Capital, an investment fund that “provides strategic capital.” The Americans agreed to pump money into McLaren Racing, in exchange for a significant percentage of the company.
McLaren Racing is involved in both Formula 1 (as McLaren Renault, with drivers Lando Norris and Daniel Ricciardo geared up to compete in the coming season) and IndyCar (as Arrow McLaren SP with drivers Pato O'Ward and Felix Rosenqvist on the payroll for 2021), but needs to contribute to the group’s well-being, and so it did, apparently.
According to Bloomberg, MSP would pay £185 million ($245 million) for a 15 percent stake in the racing company, which should grow to a total of 33 percent by 2022. McLaren Racing was valued for the transaction at £560 million ($760 million).
"This investment represents a key moment in the progress of McLaren Racing. MSP is first and foremost a sports investor," said in a statement Zak Brown, CEO of McLaren Racing. "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."
It’s unclear if or how the new investors will influence McLaren’s participation in the two racing series.
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