Ron Dennis severs Mclaren ties
Ex-mclaren chief Ron Dennis has sold all of his shares in the business that ousted him in 2016
Shares to be sold
Ron Dennis, the man who led the Mclaren team that created the iconic F1 road car, established today’s road car division and scooped numerous Formula 1 world titles, setting the standards by which teams in the sport today operate, is selling all of his shares in Mclaren for an undisclosed sum.
The move ends a 37-year association between the two sides, which began when the team was struggling for success in F1 in 1980. Today, the Mclaren Group is valued at £2.4 billion.
The split will be formalised by Dennis transferring his remaining 25% stake in Mclaren Technology Group and 11% shareholding of Mclaren Automotive. He is reported to have received £275 million for the shares and, as such, he will have no role at Mclaren in future. The deal is expected to be completed in “the next days or months”.
Dennis and his co-owners of the Mclaren business fell out in 2014 for unspecified reasons. That triggered a chain of events in which Dennis attempted to buy Mclaren back from them. However, when he was unable to raise the funds to do so, they effectively sidelined him at the end of 2016 by removing him from any positions of control of the company he part-owned.
The news has also led to the formation of the Mclaren Group — the new holding company of Mclaren Technology Group and Mclaren Automotive. Shaikh Mohammed bin Essa Al Khalifa will become the Mclaren Group’s executive chairman.
Last week, Mclaren Automotive announced its fourth year of profits in only its sixth year of existence. The company is believed by some analysts to be more successful financially than any six-yearold car company in history.