McLaren have been handed a major financial boost following the announcement of a £185million investment deal.
MSP Sports Capital, the US-based sports group, will take an initial 15 per cent significant minority stake holding in Britain's most successful Formula One team, rising to a maximum of 33 per cent by the end of 2022.
The news comes on the day McLaren could finish third in the constructors' standings at the season finale in Abu Dhabi. It would rank as the team's best result since Lewis Hamilton left for Mercedes at the end of 2012.
McLaren Group has announced that it has attracted significant new long-term investment into McLaren Racing led by MSP Sports Capital, to help drive its plan to return to the top of Formula 1. Read more. 📰⬇️ — McLaren (@McLarenF1) December 13, 2020
MSP's investment over a two-year period values McLaren at £560m. McLaren will continue to be based at its state-of-the-art headquarters in Woking, while Bahrain's Mumtalakat holding company remains the majority shareholder.
The McLaren Group have endured a series of cash-flow problems in recent years, and placed staff on furlough following the outbreak of the coronavirus pandemic. British driver Lando Norris and his team-mate Carlos Sainz also took temporary pay cuts.
"This investment represents a key moment in the progress of McLaren Racing," said chief executive Zak Brown.
"I'm very confident we have a very strong future ahead of us." 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 — McLaren (@McLarenF1) December 13, 2020
"MSP Sports Capital is first and foremost a sports investor. This new investment bolsters our plan to return McLaren to contention for race wins and championships in Formula One 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."
Next season a budget cap will be introduced to Formula One where teams must spend no more than $145million (£112m). This will reduce to $140m (£108m) in 2022 and $135m (£105m) in 2023.
A driver salary cap is also under consideration, meaning both drivers' wages within the same team could be no more than a combined £22million-a-year from 2023.
