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McLaren 'significantly strengthened' by £200 million investment from new shareholder

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A Canadian businessman, who is father of Force India test driver Nicholas Latifi, has become a shareholder in the McLaren Group.

Nidala (BVI) Limited, controlled by Michael Latifi, has made an investment reported to be over £200 million for around 10 percent of the group. That makes Latifi the company's first new shareholder since the departure of Ron Dennis in late 2016.

The McLaren Group encompasses the Formula One racing team as well as its Automotive and Applied Technologies divisions. Announcing the news on Monday, McLaren said the investment will "significantly strengthen the group's balance sheet and underpins its ambitious growth plans"

"I have been an admirer of the McLaren brand and its businesses for some time," Latifi said. "McLaren is a unique organisation in automotive, racing and technology with exciting long-term growth prospects, which is why I have made this investment. I am proud to be part of McLaren and this incredible brand."

McLaren's other major shareholders are Mumtalakat, the Bahrain sovereign wealth fund, which owns a controlling stake of around 56 percent, and Mansour Ojjeh, who owns 14 percent. There are also four smaller shareholders, including Singapore billionaire Peter Lim.

Latifi's son Nicholas, 22, finished fifth in last year's Formula 2 championship and won the sprint race at Silverstone. After a mixed start to the season he is ninth in this year's standings.

Reuters says The McLaren Group has insisted there is no connection between the deal and the Canadian's racing career.