Dennis to end ties with McLaren

Jul 01, 2017 06:00 am

Ron Dennis, the chairman of McLaren's Formula 1 team and separate sports carmaker, will step down from his post and sell his shares, ending a 37-year relationship which soured in recent months alongside race-track failings.

McLaren, valued at £2.4 billion (S$3.3 billion), have not won a Grand Prix since 2012.

The British F1 team are last in the 10-team championship this year after embarking on a troubled partnership with their former engine supplier Honda.

Dennis was ousted as McLaren chief executive in November when the majority shareholders put him on gardening leave, after he had reportedly backed a Chinese takeover bid that other investors opposed.

McLaren, owned largely by Bahrain's Mumtalakat Holding Company and TAG Group, a firm led by a Saudi-born businessman, will buy Dennis's shares but acknowledged the brand needs to undergo a turnaround. - REUTERS