McLaren have announced that they have sold shares in the company to Michael Latifi, father of Force India’s development driver Nicholas.
The McLaren Group released documentation on Monday, saying that they have sold shared to Nidala (BVI) Limited, a company owned and run by Canadian businessman Michael Latifi. He is the father of Force India’s development driver, Nicholas Latifi, who drove during last week’s testing at the Circuit de Catalunya.
McLaren say that this move ” significantly strengthens the group’s balance sheet and underpins its ambitious growth plans”. McLaren do not have a title sponsor at the moment, and are also looking for a way back to works team status, having ditched their Honda deal last season. With several years of poor results behind them, sponsors have dropped the team in favour of other outfits, meaning that McLaren need to chase other avenues of financing.
“I have been an admirer of the McLaren brand and its businesses for some time.” said Latifi. “McLaren is a unique organisation in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand.”
Latifi’s new status within McLaren means he joins Mansour Ojjeh’s TAG group and Bahrain’s Mumtalakat as owners of the team, with both McLaren Technology & McLaren Automotive falling under the main Group’s umbrella.
According to Racefans’ Dieter Rencken, Latifi has bought almost a million shares, valued at 200 million GBP. This equates to around 10% of the business. Latifi becomes the second Canadian billionaire to fund a British team, as Williams’ receive funding from Lawrence Stroll, father of race driver Lance.