Ron Dennis sells his shares in McLaren companies

McLaren has confirmed a final split with Ron Dennis, with the former team boss selling his shareholdings in McLaren Technology Group and McLaren Automotive, and relinquishing his directorships of both

Ron Dennis sells his shares in McLaren companies

A new holding company, McLaren Group, will have both the aforementioned under its umbrella.

McLaren says that Bahrain Mumtalakat Holding Company and TAG Group will remain as majority McLaren Group shareholders.

There are no further details of the transaction, although a statement said that "McLaren Group has secured finance in order to acquire Ron Dennis's shareholdings, stimulate growth in its wider businesses and consolidate its financial arrangements." Sky News has reported that he will earn £275million from the transaction.

Shaikh Mohammed bin Essa Al Khalifa will be the executive chairmain of the McLaren Group.

Dennis first became involved with McLaren in September 1980, when sponsor Philip Morris brokered a merger between the struggling team and his own fledgling Project 4 F1 outfit.

On his watch McLaren won world championships with Niki Lauda (1984) Alain Prost (1985, '86 and '89), Ayrton Senna (1988, '90, and '91), Mika Hakkinen (1998 and '99) and Lewis Hamilton (2008).

Dennis first took a step back last November, when he gave up his role as chairman and CEO of the McLaren Technology Group, saying he was "disappointed" to be placed on gardening leave.

As part of Friday's announcement he said: "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.

"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 will continue to consult for various companies and work with the UK Government's Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK's national security.

"I will also continue to run my family's charitable foundation - Dreamchasing - which focuses on mentoring and financing children and young people from all walks of life, so that they may aspire to and succeed in whatever their career dreams may be.

January 2017: Life after Ron Dennis at McLaren

"Now that my time at McLaren has come to an end, I will be able to involve myself in a series of other programmes and activities, especially those focused on public service.

"Last but far from least, 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."

Explaining the thinking behind the formation of the new holding company, McLaren said: "The announcement unifies all activities under a single coordinated strategy and brand, allowing the exceptional reputation of each business for technological excellence to be used across the entire Group for the benefit of all its customers, partners and employees."

Shaikh Mohammed bin Essa Al Khalifa added: "There will be time in the near future to outline our plans, for the coming months and years will be an extremely exciting time in the story of McLaren.

"But now, today, it is appropriate that we pause to express our gratitude to Ron.

"So, on behalf of McLaren and all who sail in her, may I say three heartfelt words: thank you Ron."

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