Going over-the-top with your holiday decorations brings good karma. Just ask Jeff Moorad.
For last year’s Newport Beach Christmas Boat Parade, the Balboa Island waterfront home of Moorad – bought from hotel exec Bob Olson a couple years ago – was decked out with the area’s most expensive lawn decoration: a Formula 1 sports car from McLaren Racing.
It was helmed by an inflatable Santa Claus, rather than Britain’s Lando Norris, the car’s usual driver.
Sports-focused private equity firm MSP Sports Capital, where Moorad serves as partner and CEO, bought a substantial stake in McLaren Racing in 2020. The local sports agent-turned sports exec-turned sports investor now serves on the racing team’s board.
A week ago, Norris won the Abu Dhabi Grand Prix, giving McLaren the 2024 Constructors’ Championship. It’s McLaren’s first F1 team title since 1998.
Neither Norris nor McLaren Racing’s other driver, Oscar Piastri, were alive at the time of the prior championship.
Moorad, reached in Abu Dhabi last week, recounted a “crazy night” celebrating the title with the team.
“During the celebration in our garage after the race, I leaned over to my MSP Sports Capital partner Jahm Najafi (who’s been on the NBA Board of Governors for the past 17 years as the Vice Chairman and 2nd largest owner of the Phoenix Suns) and said, ‘You and I have been part of the NBA, MLB and the NFL; this is the first true ‘World’ Championship we’ve experienced.’”
F1 racing is “not like sports in the U.S.,” Moorad said, noting the regular season features races on five continents, with the last five races of 2024 taking place in Mexico, Brazil, Las Vegas, Qatar and Abu Dhabi.
“It’s truly a ‘global’ platform,” he said.
This year’s Boat Parade runs Dec. 18-22. We’ll see if the champion’s car makes a return pit stop.
Irvine software firm Alteryx got some extra attention with the McLaren Racing win. The data analytics co. has been an official partner for the racing team since 2021 and had a F1 simulator at its prior HQ at Spectrum Terrace.
Alteryx moved its base elsewhere in the city after being taken private early this year by PE firms Clearlake Capital Group and Insight Partners, which paid $4.4B for the company.
Their former base is now leased to BD Advanced Patient Monitoring, the former Critical Care division of Edwards Lifesciences (NYSE: EW).
Alteryx this month named a new CEO, Andy McMillan. His tasks include “accelerating Alteryx’s innovation in its core platform and supporting the development of additional AI capabilities,” the company said.
Local sports agent Scott Boras ended the year with a home run. His client, slugger Juan Soto, just landed the biggest baseball contract on record, signing with the NY Mets for 15 years and $765M.
Execs and owners of multiple teams made the trip to Newport Beach to meet with free agent Soto and Boras in the lead-up to the record-setting deal being struck, according to reports.
Industry reports estimate that Boras will earn close to $40M from the deal, given that he charges his clients nearly 5% of their contract.
