McLaren share agreement

Former boss of McLaren Automotive, Ron Dennis has reached an agreement with his fellow shareholders in McLaren Automotive and the McLaren Technology Group to sell his shareholding in both companies. “I am very pleased to have reached agreement with my fellow McLaren shareholders. 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," Dennis says. During his 37 years at McLaren, Dennis led the team to 158 Grand Prix wins and 17 Formula 1 World Championships, managing some of the greatest drivers in the history of motorsport as well as the world-renowned Le Mans 24 Hours race in 1995. In 2004 Ron announced the launch of McLaren Applied Technologies, which focuses on applying motorsport-bred innovations and technologies so as to improve the performance and product innovation of blue-chip companies in a wide variety of industries. On December 18th 1980, Denis merged Team McLaren (as it was then known) with his own company, Project Four, to form McLaren International, then valued at £3 million. Fewer than 100 people were employed by the new company at that time. “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," he says. McLaren Group is now valued at £2.4 billion, and has reached a combined turnover in 2016 of £898 million - employing more than 3,400 people. From now on Dennis plans to consult for various companies and work with the UK Government’s Ministry of Defence Innovation Advisory Panel. “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 focussed on public service," he said.