Ron Dennis has agreed to sell his remaining shares in the McLaren Technology Group (MTG) and McLaren Automotive to the newly formed McLaren Group, bringing to an end his 37-year association with the company.
“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."
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 from McLaren said: “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 Dennis will earn £275m from the deal.
During his tenure, Dennis, who took control of McLaren in 1980 and remained team principal of the F1 team until 2009, led the Woking-based squad to 158 Grand Prix wins and 17 Formula 1 World Championships, managing some of the greatest drivers in the history of motorsport including Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton.
He also oversaw the launch of McLaren Applied Technologies, as well as the formation of McLaren Automotive, which is now one of the world’s leading manufacturers of high-performance sports cars.
Dennis first took a step back last November, when he gave up his role as chairman and CEO of the McLaren Technology Group.
“Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.”
“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."
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.
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| L-R: Lewis Hamilton & Ron Dennis |
There are no further details of the transaction, although a statement from McLaren said: “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 Dennis will earn £275m from the deal.
 |
| L-R: Martin Brundle & Ron Dennis |
During his tenure, Dennis, who took control of McLaren in 1980 and remained team principal of the F1 team until 2009, led the Woking-based squad to 158 Grand Prix wins and 17 Formula 1 World Championships, managing some of the greatest drivers in the history of motorsport including Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton.
 |
| L-R: Ron Dennis & Ayrton Senna |
He also oversaw the launch of McLaren Applied Technologies, as well as the formation of McLaren Automotive, which is now one of the world’s leading manufacturers of high-performance sports cars.
Dennis first took a step back last November, when he gave up his role as chairman and CEO of the McLaren Technology Group.
“Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.”
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