Ron Dennis has officially cut all ties with McLaren after an agreement was reached for the 70-year-old to sell his shareholding in the company’s Technology Group (25%) and Automotive (10.3%) arms.
With a price tag of $350 million – putting the combined companies’ worth in the region of $2 billion – the sale brings down the curtain on Dennis’ 37-year stint at the helm of the Woking outfit. The Englishman, whose motorsport career started over 50 years ago, achieved 158 Grand Prix victories and 17 Formula 1 World Championships at the helm of the McLaren team after taking over the squad in 1980.
Dennis’ departure, including the relinquishment of his position as a director, paves the way for the Technology and Automotive arms to be united under a single corporate structure called McLaren Group.
This unification will drive a coordinated strategy and brand, allowing each business’ technical expertise to be leveraged to the benefit of the other, as well as McLaren’s customers, partners and 3,400 employees.
The McLaren Group’s long-term majority shareholders will remain the Bahrain Mumtalakat Holding Company and TAG Group with their respective heads, Shaikh Mohammed bin Essa Al Khalifa and Mansour Ojjeh serving as Executive Chairman and Executive Committee Principal.
Mike Flewitt will remain as McLaren Automotive’s CEO, Jonathan Neale as McLaren Technology Group’s Chief Operating Officer and Zak Brown as McLaren Group’s Executive Director to maintain the current structure in place since Dennis was ousted from his role.
Image via XPB Images
Latest posts by Richard Bailey (see all)
- WTCR: Guerrieri outwits Muller at the Nordschleife - 26 September, 2020
- WTCR: Girolami breaks Nordschleife lap record to claim pole - 25 September, 2020
- WTCR: Hyundai withdraws from Germany round - 24 September, 2020
- WTCR: Ehrlacher leads Lynk & Co podium sweep at Zolder - 13 September, 2020
- WTCR: Girolami kicks off 2020 season with victory - 13 September, 2020