Former Mclaren F1 team principal Ron Dennis had officially left the Woking team after selling his shares in the company for an approximate £275m.
Dennis forst joined Mclaren back in 1980 winning championships with Niki Lauda, (1984) Alain Prost (1985, ‘86 and ‘89), Ayrton Senna (1988, ‘90, and ‘91), Mika Hakkinen (1998 and ‘99) and Lewis Hamilton (2008).
He stepped back as chairman and CEO of ‘Mclaren technology group’ in November 2016 with Zac Brown taking over.
He said back in November “I am disappointed that the representatives of TAG and Mumtalakat, the other main shareholders in McLaren, have forced through this decision to place me on gardening leave, despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business.”
A statement regarding this full split read:
“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 McLaren every success as it takes the story forward.
“Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.
“Now that my time at McLaren has come to an end, I will be able to involve myself in a series of other programmes and activities, especially those focused on public service.
“Last but far from least, I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its business, and at every level of seniority. Truly, they are the best of the best.
“And, well funded to succeed and grow, and led by an ambitious management team, is ideally poised to build on the successes that I am so proud to have contributed to during my time leading such a great British group of companies.”
As Dennis relinquishes his shareholdings and directorships in MTG and Mclaren Automotive a new holding company ‘Mclaren group’ will take over the shares.
Although Mclaren has said that TAG Group and Bahrain Mumtalakat Holding Company will stay as majority shareholders.
Mclaren group head (Shaikh Mohammed bin Essa Al Khalifa) said:
There will be time in the near future to outline our plans, for the coming months and years will be an extremely exciting time in the story of McLaren.
“But now, today, it is appropriate that we pause to express our gratitude to Ron. So, on behalf of McLaren and all who sail in her, may I say three heartfelt words: thank you Ron.”
TAG groups Mansour Ojjeh said:
“Since I became a major investor in the business 33 years ago, I am exceptionally proud of what each of our extraordinary McLaren businesses have achieved, growing independently and entrepreneurially,” he said.
“Now, as they have reached world-class scale and success, it is the right next step to unify the strategies and brands to create a stronger centre of Luxury Automotive, Racing and Technological excellence.”
Racing, part of McLaren Technology Group, is not currently achieving the on-track success in Formula 1 that we know it is capable of, and that it has achieved in the past, but that will change.
“As motor racing is in our DNA, we exist to win in Formula 1 and be the best in everything we do. Jonathan Neale and Zak Brown, supported by Eric Boullier and the best engineers, mechanics and marketers in Formula 1, are fully engaged in the process of bringing about that turnaround, and it will be great to see McLaren back in the winners’ circle before too long.”