McLaren confirms Michael Latifi as new shareholder

McLaren has confirmed Canadian businessman Michael Latifi, father of Formula 2 driver Nicholas Latifi, has become a shareholder in the company.

Last week the McLaren Group announced it had sold shares to Nidala (BVI) Limited which is controlled by Latifi at an estimated figure of £200m.

The Woking-based team has confirmed the McLaren Group shares were sold on May 14 which includes McLaren Automotive, McLaren Racing and McLaren Applied Technologies companies.

“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, Shaikh Mohammed bin Essa Al Khalifa, McLaren Group Executive Chairman, said. “We are delighted Michael Latifi has joined the McLaren family.”

Latifi, whose son Nicholas is competing in F2 this year for DAMS while also acting as a Force India test driver in Formula 1, says he’s thrilled by McLaren’s “long-term growth prospects” which fuelled his aim to invest in the group.

“I have been an admirer of the McLaren brand and its businesses for some time,” Latifi said in a McLaren statement. “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.”