McLaren confirms Michael Latifi as new Group shareholder

40

The McLaren Group has confirmed that Canadian businessman Michael Latifi - the father of F2 racer and Force India junior Nicholas Latifi - has become a significant shareholder of the company.

McLaren did not disclose the stake acquired by Latifi, the first new McLaren investor since the departure of former chairman Ron Dennis at the end of 2016, but this weekend's reports suggested a cash injection of approximately £200 million destined to strengthen the group’s balance sheet and boost its ambitious growth plans.

"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," said Shaikh Mohammed bin Essa Al Khalifa, McLaren Group Executive Chairman.

"We are delighted Michael Latifi has joined the McLaren family."

McLaren £200m cash boost could open the door for Latifi

Michael Latifi commented:

"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.

"I am proud to be part of McLaren and this incredible brand."

As a reminder, the McLaren Group includes the McLaren Automotive, McLaren Racing and McLaren Applied Technologies companies.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.