Investment

Racing – McLaren Group announces new investment in McLaren Racing – mclaren.com

Published

4 years ago

December 13, 2020

US sports investment group acquires significant minority shareholding in McLaren Racing
Introduction of partner capital and expertise forms part of the Group’s ongoing strategy
Transaction values McLaren Racing at £560m post-money, and strengthens team’s long-term plan for regular Formula 1 championship contention
Reaffirms team’s position at the heart of McLaren Group

McLaren Group announced today that it has signed a deal to attract significant new long-term investment into McLaren Racing led by MSP Sports Capital, the US-based sports investment group, to help drive its plan to return to the top in Formula 1 and continue its growth as a global sports franchise. MSP is co-investing with its strategic partners UBS O’Connor, LLC. and The Najafi Companies.

MSP Sports Capital is a diversified sports investment group with strategic stakes in properties at the intersection of global media rights, distribution technologies, content creation, sponsorship, esports, betting, and data. MSP Sports Capital’s principals are experienced, well-known figures in the sports industry, as owners, investors and operators in Major League Baseball (MLB), National Basketball Association (NBA), ESPN, and sports management.

The transaction will see MSP Sports Capital acquire a significant minority shareholding in the team, with McLaren Group remaining the majority shareholder. MSP Sports Capital will invest a total of £185m into McLaren Racing, acquiring an initial 15% stake that will increase to a maximum of a 33% shareholding by the end of 2022. The transaction values McLaren Racing at £560m, post-money.

CEO Zak Brown has committed to McLaren Racing for the long term and his leadership team continues in place. Paul Walsh will sit as chairman of McLaren Racing, while Jahm Najafi and Shaikh Mohammed bin Essa Al Khalifa will become vice-chairmen. As part of the transaction, Jeff Moorad of MSP Sports Capital and Rodrigo Trelles Zabala of UBS O’Connor are appointed to the board of directors of McLaren Racing, alongside Sultan Ojjeh and Will Griffiths of McLaren Group.

Luxury supercar maker McLaren Automotive remains wholly-owned by the McLaren Group and is not part of this transaction.

Paul Walsh, Executive Chairman, McLaren Group, commented:

“The partnership we are announcing today represents another important step in our proactive strategy to position McLaren Group for long-term success. Bringing partner capital and expertise into McLaren Racing will support the team’s return to the front of the grid and further strengthen our financial position.

“The fact that we have attracted a strategic investor of MSP Sports Capital’s calibre is testament to the unique history and exciting prospects of McLaren Racing. The business remains part of the McLaren Group and we look forward to working with MSP Sports Capital to deliver the next chapter of growth and success.”

Zak Brown, CEO, McLaren Racing, commented:

“This investment represents a key moment in the progress of McLaren Racing. MSP Sports Capital is first and foremost a sports investor. They know the market and their team has considerable experience and proven success in global sports properties. They are a partner as much as a shareholder, with the ability to leverage their network and knowledge for the long-term benefit of McLaren Racing.

“This new investment bolsters our plan to return McLaren to contention for race wins and championships in Formula 1 and IndyCar, and will strengthen our positive momentum as we continue to focus relentlessly on our mission to return to the top of the podium.”

Jeff Moorad, Principal at MSP added:

“We’re excited about the opportunity to support Zak Brown and his management team and to help grow the McLaren Racing brand. We’re committed to assist the team in accomplishing its objective of returning to the front of the grid.”

Jahm Najafi, Principal of MSP and Chairman/CEO of The Najafi Companies said:

“As a partner in MSP, I am delighted that The Najafi Companies has significantly increased our support of MSP and its investment in McLaren. This investment reflects the strength of our relationship, as well as the confidence we have in the McLaren Racing team platform. I am delighted to accept the role of vice-chairman and look forward to contributing to the growth and success of McLaren Racing.”

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

1 week ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

2 weeks ago

August 29, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

1 month ago

August 5, 2024

Harry Miller

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.