McLaren confirm Latifi’s £200m investment

Date published: May 22 2018

The McLaren Group have confirmed rumours that Michael Latifi, father of Formula 2 racer Nicholas, is behind a recent £203.8 million investment.

Last week McLaren announced that Nidala Limited had purchased nearly 900,000 shares in the McLaren Group.

This led to speculation that Latifi’s father, Michael, was involved with reports claiming that Nidala stands for his son’s full name, Nicholas Daniel Latifi.

McLaren at the time refused to comment on the reports.

They have, however, now released a statement confirming Michael Latifi’s involvement.

“McLaren Group is pleased to confirm that Michael Latifi, a Canadian businessman, has become a shareholder, in a move that significantly strengthens the group’s balance sheet and underpins its ambitious growth plans,” said the team.

The statement continued: “A capital injection of £203.8m is being made by Nidala (BVI) Limited to purchase 888,135 ordinary shares in McLaren Group Limited. The proceeds for the new capital will be received over the coming year.

“This new capital, which is part of the Group’s simplification over the last 12 months, will significantly strengthen the Group’s balance sheet and underpins its ambitious growth plans laid out in its five-year business plan.”

As for Latifi, he is “proud” to be a part of the McLaren group.

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

“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.”

It remains to be seen whether his father’s shares in McLaren will pave the way for Latifi to enter Formula 1 with the Woking team.

While some reports suggest it could be a matter of time, others say this is just a business deal for his father.