McLaren: Michael Latifi becomes 10% shareholder with £200m investment

McLaren's Fernando Alonso
McLaren are in fifth place in the constructors' championship with 40 points

Businessman Michael Latifi has become a 10% shareholder in the McLaren Group.

The Canadian's Nidala company paid £203.8m to become the third largest shareholder. The Group includes the F1 team, the road-car company and Applied Technologies.

Bahrain's sovereign wealth fund, Mumtalakat, remains the majority shareholder with about 56%.

Long-time shareholder Mansour Ojjeh of Tag owns about 14% and there are four other minority shareholders.

Sources close to the deal said there was no connection between it and the career of Latifi's son Nicholas, who races in Formula Two and is Force India's reserve driver.

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."

McLaren Group executive chairman Shaikh Mohammed bin Essa Al Khalifa said: "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."

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