Ron Dennis formally splits with F1’s McLaren

By Reuters,

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    Ron Dennis has formally ended his long association with McLaren.

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    Ron Dennis has ended his 37 years with McLaren by selling his shares and stepping down as chairman after a troubled six months with the automotive group.

    He has reportedly agreed to sell his stakes in McLaren Technology Group, which runs the Formula One team, and McLaren Automotive, the car manufacturer, for £275 million ($A465 million).

    He was ousted as McLaren chief executive in November 2016 but remained chairman and kept his 25 per cent stake.

    McLaren’s sports car business, set up in 2010 to rival Aston Martin, among others, has gone from strength to strength in recent years, posting a 70 per cent rise in pre-tax profits on Thursday.

    However, the Formula One team has not won a race since 2012 and is last in the ten-team championship after embarking on a troubled partnership with Honda.

    Dennis was the architect of the Honda relationship, which is a revival of a similar engine deal that turned the team into a dominant force in the late 1980s and early 1990s

    The lack of success since the reunion combined with the team’s dwindling sponsorship portfolio was seen as key motivator’s in Dennis’s split with the company last year.

    A new holding company called McLaren Group would be set up to combine the two operations, McLaren said on Friday.

    © Reuters 2018

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