Michael Latifi, a Canadian businessman, has become McLaren Group’s third-largest shareholder, investing almost £204 million in return for a 10% stake.
Latifi’s company Nidala Limited now owns one tenth of McLaren Automotive, McLaren Racing and McLaren Applied Technologies, with the only larger shareholders being the Bahrain Mumtalakat Holding Company (56%) and Mansour Ojjeh's TAG Group (14%). A McLaren spokesman confirmed that Latifi had been interested in investing in the company for some time, having been "a friend of McLaren for a while", and is "well known to the business and its shareholders".
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. We are delighted Michael Latifi has joined the McLaren family."
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. I am proud to be part of McLaren and this incredible brand."
McLaren Automotive, the road car division of the group, continues to go from strength to strength, with continuously increasing sales, as well as ambitious growth plans under chief executive Mike Flewitt.
The McLaren spokesman confirmed there to be no link between Latifi's investment and the career of his son, Nicholas, who is currently a development driver for Formula 1 team Force India and competes in the FIA F2 Championship for DAMS Racing. "It was fundamental from the outset to both Michael and McLaren that this investment had no connection to his son Nicky’s racing career. There are no conditions or expectations whatsoever to Nicky’s racing as part of this deal."