Mexican sports car company Mastretta hits problems

Mexican sports car company Mastretta hits trouble

Shareholder dispute forces the brothers who founded Mexico’s first sports car firm to walk away, casting doubt over the future

The future of Mexico’s first sports car company, Mastretta, is under threat due to a dispute between the brothers who founded the firm and the investment company that was financially supporting it.

In a statement issued earlier this week, Carlos and Daniel Mastretta said they had removed themselves from the company they founded in the 1980s.

The dispute stems back to last year when the brothers sought additional funding to prepare a version of its Ford-engined MXT for testing for European Community Small Series Type Approval.

In return for the new investment, Carlos and Daniel Mastretta agreed to not only have a reduced equity holding in the business, they ceded control to Latin Ideas Ventures (LIV) which installed its own chief executive.

A statement said: “On 26 May, the brothers Carlos and Daniel Mastretta announced that they could no longer work with the company whilst under the control of their principal investment partner, Latin Ideas Ventures.

About Autocar RSS Feed