RON DENNIS SELLS HIS STAKE IN MCLAREN
Ron Dennis has sold his remaining interest in McLaren, ending a 37 year association with the company.
After leading the team to 17 world championship titles, Dennis was forced to relinquish his position Chairman and CEO of McLaren Technology Group in November last year.
Subsequently, news broke overnight that Dennis had finally come to terms to sell his remaining shares to the newly formed McLaren Group. Formally ending all ties with the beleaguered Formula 1 team.
“I am very pleased to have reached agreement with my fellow McLaren shareholders,” said Dennis, once the news broke.
“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.
“Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.”
Shaikh Mohammed bin Essa Al Khalifa, McLaren Group’s Executive Chairman paid tribute to Dennis’ contribution to the McLaren success story, saying: “As soon as he had taken over the running of the team in the late autumn of 1980, it was immediately clear that here was a man whose ambition to surpass the achievements of all previous Formula 1 team principals would not be checked.
“Together with Mansour Ojjeh of TAG Group, whom Ron soon introduced to McLaren and whose support has been invaluable to its success for a third of a century, Ron rewrote the record books in the 1980s and 1990s, winning Grands Prix and World Championships as a matter of apparent routine. But it was not routine: it was in fact the result of a lot of clever thinking and a huge amount of extremely hard work.
“That ethos remains at McLaren, and I am very proud now to be assuming the position of Executive Chairman, alongside Mansour, my fellow Executive Committee principal, who will continue to work with me to drive McLaren Group forward to new successes.
“There will be time in the near future to outline our plans, for the coming months and years will be an extremely exciting time in the story of McLaren. But now, today, it is appropriate that we pause to express our gratitude to Ron. So, on behalf of McLaren and all who sail in her, may I say three heartfelt words: thank you Ron.”
Date posted: July 1, 2017