Ron Dennis, the man who led the McLaren team to numerous Formula 1 world titles, setting the standards by which teams in the sport today operate, is reported to have sold all of his shares in the organisation.
This development, confirmed today, ends a 37-year association between the two parties, which began when the team was struggling for success in Formula 1 back in 1980. Today, the McLaren Group is valued at an estimated €2.2-billion.
The split would become reality by Dennis transferring his remaining 25% stake in McLaren Technology Group and 11% shareholding of McLaren Automotive. He has reportedly received €312-million for his shares and will thus have no role at McLaren in future.
Dennis, who turned 70 this month, was awarded a CBE in 2000. He rose to prominence when – as owner of the Project 4 Formula 2 team – he was placed in charge of the then struggling McLaren team in 1980, leading it back to race victories and world championships.
Drivers who won world titles while he was at the helm of McLaren were Niki Lauda, Alain Prost, Ayrton Senna, Mika Häkkinen and Lewis Hamilton. Under his stewardship the Woking outfit became the second most successful team in the sport.
Dennis and his co-owners of the McLaren Group fell out in 2014 for a variety of reasons. That triggered a chain of events in which he attempted to buy McLaren back from them.
However, when he was unable to raise the funds to do so, they effectively sidelined him at the end of 2016 by marginalising him, removing him from any positions of control of the company.