Ron Dennis sells his stake in McLaren
1st Jul 2017 2:00 pm
The former boss of McLaren is set to sell his shares for an estimated £275m
The man who led McLaren in its path to become one of the largest automotive and sporting brands of all time has finally decided to call it a day. Ron Dennis has officially revealed that he is selling all of his shares in the firm for an estimated £275m to two major shareholders, Bahrain Mumtalakat Holding Company and Mansour Ojjeh, the chief executive of Luxembourg-based TAG. The move not only marks the end of his long association with the company but also the end of an era in both the annals of McLaren and F1 history.
Dennis had joined McLaren at a time when it was still struggling to make its presence known. Besides steering the company to seven constructors’ championships and 10 drivers’ titles with some of the legendary drivers in the sport, Dennis successfully anchored McLaren as a modern super-company currently valued at almost £2.4billion.
It is believed that this decision follows a series of bitter disagreements with fellow shareholders that had also prompted the iconic CEO to step down in 2016. In the coming days the company is likely to see some major changes in its organizational structure. A merger between McLaren Technology Group and McLaren Automotive is imminent under a new holding company known as the McLaren Group. Shaikh Mohammed bin Essa Al Khalifa of Mumtalakat is set to take over as its executive chairman.
Speaking about the announcement, Ron Dennis 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 every success as it takes the story forward."