PHOENIX — Phoenix private investment firm The Najafi Cos. has joined with two other companies to gain a significant minority stake in British Formula 1 team McLaren Racing with an aim to make it a regular championship contender.
The Najafi Cos. — together with lead partner MSP Sports Capital and UBS O’Connor LLC — will invest a total of 185 million pounds (about $248.5 million) to gain an initial 15% stake in the team in the transaction, which values McLaren Racing at 560 million pounds ($752.2 million). That’s expected to increase to a maximum 33% stake by the end of 2022.
The deal gives Najafi Cos. Chairman and CEO Jahm Najafi, who is also a principal of MSP, the position of vice chairman at McLaren Racing.
Read the full story at Phoenix Business Journal.