13/12/2014
NEWS STORY
Ron Dennis is attempting to increase his own stake in McLaren by buying back shares in the company from the Bahrainis.
Currently, Dennis owns 25 percent of the company, Mansour Ojjeh (chief executive of TAG Group (Holdings) S.A), another 25 percent and Bahrain's sovereign wealth fund Mumtalakat the remaining 50 percent.
The news that Dennis is attempting to buy back Mumtalakat's stake was revealed by Bernie Ecclestone on Thursday however, the F1 supremo got it wrong.
Asked about the relationship between the Bahrainis and Dennis, Ecclestone said: "They are nothing more to do with the race team any more. They have sold the shares to Ron. He has got to pay for them by a certain date. If he doesn't pay he will obviously take them back but at the moment Ron would own the company."
However, his claim was quickly denied by McLaren, a spokesman telling Pitpass, in what sounded suspiciously like Ronspeak: “No transaction has taken place, but the shareholders have had discussions on how to best facilitate and enhance the future growth of the McLaren Group.
"When and if a transaction takes place, it is not envisioned that the current shareholders will exit McLaren completely, and announcements would be made at the appropriate time."
The much beleaguered spokesman was unwilling to be drawn further, doubtless tearing his hair out in frustration as has become the habit of almost all McLaren directors in recent years (not that this particular director has any hair, as clued-up readers will be well aware), but Pitpass understands that share purchase agreements were signed by Dennis and representatives from TAG and Mumtalakat as long ago as August.
Whilst unwilling to say what percentage of the shares Dennis is seeking to buy, it is understood that, contrary to Ecclestone's claims, the Bahrainis are unwilling to sell their entire holding in McLaren.
Chris Balfe