Ron Dennis formally splits with McLaren after selling shares

Ron Dennis' storied affiliation with McLaren has officially ended after he reached an agreement to sell his shareholdings in McLaren Technology Group and McLaren Automotive.

Dennis joined McLaren in late 1980 and helped steer the team to 17 combined world championships, winning the drivers' title with Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton. Though his role had changed in recent years he remained in control of the team until November last year, when he was forced to resign as CEO and chairman of the McLaren Technology Group, though he retained significant shareholdings.

McLaren Technology Group and McLaren Automotive will now make part of the newly-formed McLaren Group. The Bahrain Mumtalakat Holding Company and TAG Group will remain majority shareholders of the McLaren Group, with Shaikh Mohammed bin Essa Al Khalifa named executive chairman.

Sky News reports Dennis stands to make £275 million from selling his remaining shares. In Friday's statement, he outlined his plans for life after McLaren.

"I am very pleased to have reached agreement with my fellow McLaren shareholders," he said. "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 One 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. I will continue to consult for various companies and work with the UK Government's Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK's national security.

"I will also continue to run my family's charitable foundation -- Dreamchasing -- which focuses on mentoring and financing children and young people from all walks of life, so that they may aspire to and succeed in whatever their career dreams may be. It was working with Lewis Hamilton, whom I took under my wing when he was just 12 years old, and who became Formula 1 World Champion with McLaren in 2008, that inspired my idea to establish Dreamchasing as a charitable foundation.

"Now that my time at McLaren has come to an end, I will be able to involve myself in a series of other programmes and activities, especially those focused on public service. I will continue to indulge my passion for supporting contemporary artists and collecting their work, but most of all I will be driving new ideas and projects forward.

"Last but far from least, I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its 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."