F1 news: McLaren Racing sells third of company to US investors

U.S.-based investment group MSP Sports Capital are taking a significant minority stake in the McLaren Formula One team, McLaren Racing said in a statement on Sunday.

The deal, for an initial 15% holding that will rise to a maximum 33% by the end of 2022, will value the British racing outfit at £560m it added.

Under the deal, MSP will put £185m into McLaren Racing over a two-year period.

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.

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.