McLaren to Buy Out Stake Held by Ron Dennis

Ron Dennis, who was forced out as chairman of McLaren Technology Group last November, has reached an agreement to sell his 25% stake back to the company for about £275 million ($358 million).

As part of the transition, McLaren Technology is being renamed McLaren Group. Dennis’ 11% equity in the holding company’s McLaren Automotive supercar operations also will be transferred back to the group. The deal is expected to be completed later this summer.

Dennis purchased his share of McLaren in 1981. During his tenure with the company, McLaren’s Formula One team won seven championships and 10 driver’s titles—the last being captured by Lewis Hamilton in 2008.

McLaren’s other owners consist of Saudi businessman Mansour Ojjeh (25%) and Bahraini government (50%). Sheikh Mohammed bin Essa Al Khalifa, who represents the Bahraini government, will serve as chairman.

Dennis’ departure stems from an unspecified disagreement among the partners. CEO Jost Capito and chief designer Jost Capito also have left the company in recent months.