Formula 1 legend Ron Dennis ended a 37-year relationship with McLaren on July 30, by selling his 25% shares in the group and leaving his position as president.
This announcement is not really a surprise as Dennis was forced in November 2016 to leave the McLaren Technology Group, which manages the Formula 1 team, due to disagreement with shareholders. The 70-year-old was a minority shareholder in the group, behind the Mumtalakat Bahraini fund, which own 50%. The last 25% are owned by the Franco-Saudi businessman Mansour Ojjeh.
According to the report, the British press estimates that the deal amounts to 275 million pounds, the shares being sold to other shareholders.
The former McLaren strongman, who accompanied the victories of drivers like Ayrton Senna and Lewis Hamilton, was pleased to have found an agreement that allows him to turn other projects.
“I am very pleased to have reached an agreement with my fellow McLaren shareholders,” Dennis said to media. “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 (a town in the south of England) should be considered as a chapter in the McLaren and I wish the best for the future.
“I send my greatest thanks and best wishes to my colleagues in all corners of their 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. McLaren 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.” Dennies added.
Fernando Alonso, scored his first points of the season at the Azerbaijan GP last Sunday. (Source:www.hindustantimes.com)
Tensions with shareholders have been high since Dennis tried in November to take control of the group, bidding to buy shares with the help of a Chinese consortium for $ 2 billion. The departure of Dennis intervenes at the moment when the McLaren team showed the worst performances recently, far from the many races and titles of champion of the world gained under the direction of the Briton.
McLaren have not been managed to win a race for nearly five years and is currently in the last place in the world championship table standings. Their star driver, Fernando Alonso, scored his first points of the season at the Azerbaijan GP last Sunday.
