U.S.-based investment group MSP Sports Capital are taking a significant minority stake in the McLaren Formula One team, McLaren Racing said in a statement on Sunday.
The deal, for an initial 15% holding that will rise to a maximum 33% by the end of 2022, will value the British racing outfit at £560 million ($740.49 million), it added.
Under the deal, MSP will put £185 million into McLaren Racing over a two-year period.
The consortium members include The Najafi Companies, a private investment firm, and UBS O'Connor, a hedge fund subsidiary of Swiss investment banking firm UBS.