MSP Sports Capital, which was founded by Newport Beach resident Jeff Moorad, said it’s sold its equity interest in McLaren Racing, including its Formula 1 Team.
The transaction will enable Bahrain Mumtalakat Holding Company and CYVN Holding, an advanced mobility operator and investment vehicle based in Abu Dhabi, to increase their share and assume full ownership of the iconic British motor racing business.
While transaction details weren’t disclosed, the Axios website said the transaction valued McLaren Racing at “more than $5 billion,” which set an all-time record valuation. Moorad led an investment in 2020 when it was valued at $740.5 million.
“When we invested in McLaren Racing, our goal was to bring that same experience, capital, and commitment to help restore one of motorsport’s most legendary brands,” Moorad said in a statement. “We are proud to have played a role along with our partners in strengthening McLaren’s foundations — its leadership, infrastructure, and competitive edge—and to see the team once again fighting for championships.”
The Business Journal in May highlighted Moorad’s investment. For an update, see the Sept. 8 issue of the Business Journal.
