May 21, 2018 / 1:06 PM / a month ago

Motor racing-Canadian businessman Latifi buys into McLaren

LONDON, May 21 (Reuters) - Canadian businessman Michael Latifi, whose son Nicholas currently races in Formula Two, has bought a stake of around 10 percent in the McLaren Group that includes the Formula One team.

McLaren, announcing the move on Monday, said the 203 million pound ($272.55 million) investment “significantly strengthens the group’s balance sheet and underpins its ambitious growth plans”.

The Group includes the McLaren Automotive, McLaren Racing and McLaren Applied Technologies companies.

The Group emphasised that there was no connection between the deal and the 22-year-old Latifi’s racing career.

$1 = 0.7448 pounds Reporting by Alan Baldwin, editing by Ed Osmond

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