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Former Team Boss Dennis Formally Splits With McLaren After Selling Shares
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McLaren has confirmed a final split with Ron Dennis, with the former team boss selling his shareholdings in McLaren Technology Group and McLaren Automotive, and relinquishing his directorships of both.
A new holding company, McLaren Group, will have both the aforementioned under its umbrella. McLaren says that Bahrain Mumtalakat Holding Company and TAG Group will remain as majority McLaren Group shareholders.
There are no further details of the transaction, although a statement from McLaren stated: “McLaren Group has secured finance in order to acquire Ron Dennis’s shareholdings, stimulate growth in its wider businesses and consolidate its financial arrangements.”
Sky News has reported that Dennis will earn £275 million, or about $3.6 million, from the deal.
Shaikh Mohammed bin Essa Al Khalifa will be the executive chairman of the McLaren Group.
Dennis first became involved with McLaren in September 1980, when sponsor Philip Morris brokered a merger between the struggling team and his own fledgling Project 4 F1 outfit.
On his watch, the team won world 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).
Dennis first took a step back last November, when he gave up his role as chairman and CEO of the McLaren Technology Group.
A new holding company, McLaren Group, will have both the aforementioned under its umbrella. McLaren says that Bahrain Mumtalakat Holding Company and TAG Group will remain as majority McLaren Group shareholders.
There are no further details of the transaction, although a statement from McLaren stated: “McLaren Group has secured finance in order to acquire Ron Dennis’s shareholdings, stimulate growth in its wider businesses and consolidate its financial arrangements.”
Sky News has reported that Dennis will earn £275 million, or about $3.6 million, from the deal.
Shaikh Mohammed bin Essa Al Khalifa will be the executive chairman of the McLaren Group.
Dennis first became involved with McLaren in September 1980, when sponsor Philip Morris brokered a merger between the struggling team and his own fledgling Project 4 F1 outfit.
On his watch, the team won world 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).
Dennis first took a step back last November, when he gave up his role as chairman and CEO of the McLaren Technology Group.
