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MSP Sports Capital buys minority stake in McLaren Racing

LONDON — U.S.-based investment group MSP Sports Capital is taking a significant minority stake in McLaren Racing in a deal the Formula One team said would give them the tools to return to the top of the sport. The long-term investment, announced on Sunday, is for an initial 15% holding rising to a maximum 33% by the end of 2022. McLaren said it values the British racing outfit at 560 million pounds ($740.5 million). Under the deal, MSP will put 185 million pounds into the former world champions, who last won a race in 2012 but are still historically the sport's second-most successful team, over a two-year period. Luxury sportscar maker McLaren Automotive remains wholly owned by the McLaren Group, whose majority shareholder is Bahrain's Mumtalakat holding company, and is not part of the transaction. The consortium members include The Najafi Companies, a private investment firm, and UBS O'Connor, a hedge fund subsidiary of Swiss investment banking firm UBS. MSP is headquartered in New York and the principals have a background as owners and investors in Major League Baseball and the National Basketball Association (NBA) among other ventures. Jahm Najafi will become a vice-chairman of McLaren Racing, while Jeff Moorad of MSP and Rodrigo Trelles Zabala of UBS O'Connor will join the McLaren Racing board. McLaren Racing chief executive Zak Brown said the investment marked the start of "the next chapter" and would allow the team to "turbocharge" their efforts. Paul Walsh, executive chairman of the McLaren Group, told a video conference that the new cash flow would not impact the debt level of McLaren directly. "We have got a number of activities in place where we will look to refinance some of our debt next year and attendant with that there could very well be some kind of equity raise," he said. "What this (deal) does is mean that McLaren Group is not funding on a cash basis in Racing." MSP's arrival increases North American interest in a sport whose commercial rights are held by U.S.-based Liberty Media. Moorad, a former NASCAR team owner, said MSP had looked into acquiring Force India when that team, now Racing Point and owned by Canadian billionaire Lawrence Stroll, went into administration in 2018. They also considered former champions Williams, whose sale to U.S.-based Dorilton Capital was announced in August.

McLaren unveils the commuter-ready 540C in China

China just said hello to the second and final model in the McLaren Sports Series when the 540 Club, also known as the 540C, was introduced at the Shanghai Motor Show. In becoming the "most attainable McLaren yet" the new coupe cedes a bit to the 570S, getting by with 533 horsepower and 398 pound-feet of torque from the company-standard 3.8-liter twin-turbo V8 instead of 562 hp and 443 lb-ft as found in the 570S. The run from 0-62 miles per hour takes 3.5 seconds, up 0.3 seconds from its sibling, and top speed is 199 mph, down five mph. You get the carbon fiber MonoCell II tub, while the bits around it have been tailored more for daily driving. The dihedral doors enclose a more accommodating portal of entry, the cabin was "created with a focus on space and ergonomics," and the adaptive dampers are tuned for buyers who want to use this as a commuter car. It can be discerned from the more powerful offering by a tweaked nose design and model-specific cast aluminum wheels. Even with losing the carbon fiber brakes of the 570S, the 540C will come in at 2,890 pounds, five pounds lighter than the big brother. The upshot of all of this is that you save some dosh, the 540C expected to sell for as low as $160,000 when deliveries begin early next year, compared to $184,900 for the 570S. Pitting apples against apples, the 570S starts at 143,250 pounds, the 540C will be 126,000 pounds. It's aimed at the Chinese market and the company still hasn't said if it will officially come to the US, but we hear that it can be ordered through dealers anywhere in the world. The press release below has more information. Related Video: THE McLAREN 540C COUPE IS UNVEILED IN SHANGHAI AS THE SECOND MODEL IN THE SPORTS SERIES - 540C Coupe completes the two car line-up in the McLaren Sports Series - Most attainable McLaren yet, introducing the brand to a new audience - Joins the recently launched 570S Coupe in the McLaren Sports Series - A pure sports car bringing McLaren DNA to the segment for the first time - 540PS and 540NM: 0 to 100km/h (62mph) in 3.5 seconds, top speed of 320km/h (199mph) McLaren will launch its second model in the new Sports Series, the McLaren 540C Coupe, at the Shanghai Motor Show, 20-29 April 2015. The most attainable McLaren yet, the 540C Coupe joins the recently revealed 570S Coupe in the Sports Series as the brand brings its race derived DNA to a new audience and segment.

Ron Dennis departs McLaren, ending a golden era in Formula One

LONDON - The departure of Ron Dennis from McLaren, announced on Friday, marks the end of an era for the Formula One team and a farewell to another of the sport's towering figures of yesteryear. News that would once have reverberated like a seismic shock through the grand prix paddock now sounds more like an echo from the past, however. Formula One has undergone a major shift since Dennis commanded the heights as an uncompromising hands-on leader, forging the team in his own image and achieving both unprecedented success and scandal. The sport's 86-year-old commercial supremo Bernie Ecclestone went last January, sidelined by new US-based owners Liberty Media, who have since set about transforming the landscape. Before him, long-serving Ferrari president Luca di Montezemolo had been ousted from the most glamorous team on the grid, and Max Mosley was replaced at the helm of the governing International Automobile Federation (FIA). Of the big beasts of old, only Frank Williams, the 75-year-old founder of his eponymous team, remains. He is in poor health, and daughter Claire is calling the shots as his deputy. McLaren, the second-most successful team after Ferrari, has meanwhile plumbed the depths - winless since 2012 and last in the current championship. The Honda partnership championed by Dennis, hoping to revive the glory years of the 1980s, has been a dismal failure and is now close to divorce. Dennis, who turned 70 on June 1, had already been relieved of his role at the team last November when fellow shareholders - Bahrain's Mumtalakat Holding Co. and Saudi-born businessman Mansour Ojjeh - brought in American marketing expert Zak Brown. On Friday, McLaren announced Dennis was selling his stake in both McLaren Automotive, the profitable sports car company that was his brainchild, and also in McLaren Technology Group. "It represents a fitting end to my time at McLaren, and will enable me to focus on my other interests," he said in a statement. "I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward." OBSESSIVE PERFECTIONISM Dennis, who started out as a mechanic with Cooper in 1966, joined McLaren in 1980 when he took over the team founded by the late New Zealander Bruce McLaren.