McLaren Group has confirmed that Michael Latifi, a Canadian businessman, has become a shareholder, in a move that significantly strengthens the group's balance sheet and underpins its growth plans.

McLaren announced that on 14 May it had sold shares to Nidala (BVI) Limited, controlled by Michael Latifi. The McLaren Group encompasses the McLaren Automotive, McLaren Racing and McLaren Applied Technologies companies.

"This injection of capital is a vote of confidence in our future strategy and the group remains as focused as ever in positioning for growth," said Shaikh Mohammed bin Essa Al Khalifa, McLaren Group Executive Chairman. "We are delighted Michael Latifi has joined the McLaren family."

"I have been an admirer of the McLaren brand and its businesses for some time," added Michael Latifi. "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."

A statement issued by the McLaren Group said that the funds will arrive over the next year.

"A capital injection of £203.8m is being made by Nidala (BVI) Limited to purchase 888,135 ordinary shares in McLaren Group Limited," it read. "The proceeds for the new capital will be received over the coming year.

"This new capital, which is part of the Group's simplification over the last 12 months, will significantly strengthen the Group's balance sheet and underpins its ambitious growth plans laid out in its five-year business plan."

Latifi, who owns Sofina Foods, the third largest food company in Canada, becomes the third main shareholder in McLaren, along with Mansour Ojjeh and Mumtalakat, the Bahrain sovereign wealth fund.