Bahrain-backed McLaren to sell up to a third of racing unit

US-based Sports Capital to invest initial $245m in McLaren Racing to acquire 15% stake, rising to 33% by end of 2022

McLaren needs to refinance bonds due in 2022 and fix its finances to continue developing models that will allow it to compete with the likes of Ferrari NV.

Bahrain-backed McLaren has agreed to sell as much as 33 percent in its racing unit to a consortium of US-based investors led by MSP Sports Capital, as the carmaker looks to raise funds to fix its finances while focusing on its automotive unit.

MSP Sports Capital will invest £185 million ($245m) in McLaren Racing to acquire an initial 15 percent stake, which will rise to a maximum of 33 percent by the end of 2022, McLaren said in a statement.

The transaction would value the racing unit at £560m ($740.7m), the company said.

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