LONDON: Formula One legend Ron Dennis’ 37 year relationship with McLaren ended yesterday with the announcement he is stepping down as chairman and has sold his 25pc stake in the McLaren Technology Group.
The 70-year-old’s announcement will come as no surprise after he was placed on ‘gardening leave’ last November as his relationship with his fellow shareholders deteriorated beyond repair.
Prior to yesterday’s announcement Bahrain’s Mumtalakat investment fund owned 50pc and the remaining 25pc was held by Dennis’s long-time business partner Mansour Ojjeh, a Saudi-born Frenchman.
Dennis - who helped guide the likes of Lewis Hamilton and Ayrton Senna to the world title - said he was pleased to have come to an agreement that would allow him to focus on his other interests.
“I am very pleased to have reached agreement with my fellow McLaren shareholders,” Dennis said.
“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.”
Dennis had been put out to grass last November because his fellow shareholders were not happy when he presented a $2billion takeover offer from a Chinese consortium.