Dennis ends 37-year association with McLaren following deal with fellow shareholders
Friday 30 June 2017 12:08, UK
Ron Dennis has sold his shares in McLaren Technology Group and McLaren Automotive, ending his 37-year association with the company.
Dennis has sold his 25 per cent stake to fellow shareholders Mumtalakat, the Bahraini sovereign wealth fund, and Mansour Ojjeh.
Sky News understands the deal is worth £275m.
"I am very pleased to have reached agreement with my fellow McLaren shareholders. It represents a fitting end to my time at McLaren, and will enable me to focus on my other interests," Dennis said.
"I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward.
"I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its business, and at every level of seniority. Truly, they are the best of the best.
"And, well funded to succeed and grow, and led by an ambitious management team, McLaren is ideally poised to build on the successes that I am so proud to have contributed to during my time leading such a great British group of companies."
The departure of Dennis will lead to the two arms of the company being combined under a single McLaren Group structure.
Dennis, who turned 70 earlier this month, was put on gardening leave from his role of chief executive of MTG last November following an acrimonious legal battle with his fellow shareholders.
Since stepping down as MTG's chairman and chief executive, Dennis has joined the Ministry of Defence's Innovation Advisory Panel, which is tasked with applying new technologies to defence activities.
The end for 'Mr McLaren'
Dennis enjoyed serial success as team principal of McLaren between 1981 and 2009, the team winning 10 Drivers' and seven Constructors' Championships.
He is also credited for nurturing Lewis Hamilton's arrival in F1.
Combative, meticulous and hugely respected, Dennis could also be a divisive figure inside the sport. Two years after the 2007 Spygate scandal, which resulted in McLaren being fined $100m, Dennis stood down as team principal, being replaced by Martin Whitmarsh.
Dennis returned as CEO in 2014 and oversaw a management restructure which resulted in the departure of his successor.
But he stepped down from his role as McLaren chairman and chief executive last November following a bitter boardroom row with Ojjeh and Mumtalakat.
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