The McLaren Group, parent of the McLaren Formula 1 team and road car business, on Monday welcomed new major shareholder Michael Latifi.

Latifi's Nidala investment group purchased 10 percent of McLaren on May 14 for an estimated $270 million.

It means Latifa is now the biggest shareholder in McLaren behind Saudi businessman Mansour Ojjeh and the Bahraini government. Ron Dennis famously sold his stake in the company in 2017 following a spat with the other shareholders over future ownership plans.

Latifi is a Canadian businessman most famous for running Canadian food giant Sofina Foods. He's also father to Nicholas Latifi, who currently competes in Formula 2 and serves as a development driver at Force India.

“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,” McLaren Chairman Mohammed bin Essa Al Khalifa said in a statement.

McLaren could certainly use the funds considering its F1 team is no longer being supplied with powertrains from Honda and is also without a title sponsor. The once-great team was near the bottom of the rankings in the past few seasons due to an underpowered and unreliable Honda power unit. The team switched to a Renault power unit in 2018 and is currently ranked fifth in the Constructors' Championship.