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Ron Dennis to end McLaren involvement?

NEWS STORY
30/06/2017

It is claimed that Ron Dennis is on the verge of selling his stake in McLaren for 275m.

Sky News claims that the Briton, who first bought into McLaren at the end of 1980, will sell his stake in the McLaren Technology Group, which runs the F1 team, as well as his stake in the road car division, McLaren Automotive Limited.

Though it is unclear whether he is selling his shares to fellow shareholders Mansour Ojjeh and Mumtalakat, the Bahraini sovereign wealth fund, or to an outside buyer, it is claimed McLaren Technology Group and McLaren Automotive Limited will combine to form McLaren Group, and at 2bn one of the UK's most valuable private companies.

In recent times, Dennis' relationship with his fellow shareholders has deteriorated to the point that he attempted to raise the funding to buy them out, though his 1.65bn bid with Chinese funding last year was thrown out.

Subsequently, Dennis was placed on gardening leave from his role as CEO with McLaren Technology Group, though he remained a shareholder.

Now on the Ministry of Defence's Innovation Advisory Panel, Dennis, who turned 70 on 1 June, looks set to sever all ties with a company that has taken up over half his life.

Official confirmation of the deal is due to be made later today (Friday), days after the Woking team scored its first points of the 2017 F1 season and at a time many of the iconic cars built during Dennis' reign are appearing at the Goodwood Festival of Speed. The end of an era.

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1. Posted by Jezzer, 02/07/2017 20:56

"Sad day for McLaren and an even sadder day for F1. Ron has motor racing running through him as a stick of rock has Blackpool running through it. Along with Frank Williams they are the only real racers in F1 management, the rest are passionless, grey money men.
Personally I will miss Ron in F1 and I think McLarens current difficulties show that they are already missing him. I have never met Ron but have always had him on my wish list of dinner table guests, I imagine it would be an interesting and fascinating dinner.
Good luck in whatever the future brings Ron, hopefully we will see you back in F1 with your own McLaren beating team.
James"

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