U.S.-based MSP Sports Capital buys into McLaren F1

FILE PHOTO: Formula One F1 - Sakhir Grand Prix - Bahrain International Circuit, Sakhir, Bahrain - December 6, 2020 McLaren's Carlos Sainz Jr. in action during the race Pool via REUTERS/Tolga Bozoglu

LONDON (Reuters) - U.S.-based investment group MSP Sports Capital is taking a significant minority stake in McLaren Racing in a deal the Formula One team said would give them the tools to return to the top of the sport.

The long-term investment, announced on Sunday, is for an initial 15% holding rising to a maximum 33% by the end of 2022. McLaren said it values the British racing outfit at 560 million pounds.