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Ron Dennis was key to making McLaren the largest automotive and sporting brands of all time. He is now selling all of his shares for an estimated £275m. Two major shareholders will be purchasing them - Bahrain Mumtalakat Holding Company and Mansour Ojjeh, the chief executive of Luxembourg-based TAG. The move marks the end of an era for both McLaren and Formula 1.
Dennis helped steer the company to seven constructors’ championships and 10 drivers’ titles and helped establish McLaren as a modern super-company currently valued at almost £2.4billion.
Rumour has it that a series of bitter disagreements with fellow shareholders had also prompted the move. The company is likely to see some major changes in its organizational structure going forward. McLaren Technology Group and McLaren Automotive are headed towards a merger under a new holding company known as the McLaren Group. Shaikh Mohammed bin Essa Al Khalifa of Mumtalakat will 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."