Russian oligarch’s son Timur Sardarov has become chairman and chief executive of MV Agusta, replacing Giovanni Castiglioni. This move follows an additional £35m capital injection by ComSar Invest and its parent Black Ocean Group — private equity investment conduits for the vast wealth of multi-billionaire oil and gas magnate Rashid Sardarov. Castiglioni has been appointed as company president, presumably a non-executive courtesy role similar to that assumed by his late father Claudio when Harley-Davidson took over MV in 2008.
Black Ocean, which has offices in London, New York and Moscow, originally rescued the business from insolvency in 2016 by acquiring a 35% shareholding in MV Agusta Holding — previously a parental entity wholly owned by Giovanni Castiglioni. At that time, Daimler’s AMG Mercedes subsidiary had a 25% stake in its operating company MV Agusta Motor, acquired in 2014. Daimler was initially reluctant to relinquish involvement but eventually sold out to Black Ocean’s ComSar Invest arm last year for an undisclosed sum.
Following the latest development, Giovanni Castiglioni says he will remain actively involved at a hands-on level in motorcycle design and manufacturing activities. “Now that MV Agusta is strong, I can finally concentrate on the industrial side, which is what I love,” he said.
Full story in the December issue of BDN.
TRIBUTE F4 ‘CLAUDIO’
According to MV, the new F4 Claudio (pictured) “pays homage to a man who dedicated his life to perfection, modelling bikes – first in his mind, then in the workshop – of unrivalled style, performance and attention to detail. In short, the MV Agusta F4 Claudio is the ultimate achievement: a dream come true.”