Ron Dennis is selling his stakes in British racing and manufacturing conglomerate McLaren Technology Group Ltd. and McLaren Automotive Ltd. and stepping down as chairman.
A new holding company called McLaren Group will combine both businesses and sovereign wealth fund Bahrain Mumtalakat Holding Co. as well as TAG Group will remain majority shareholders, according to an e-mailed statement Friday. Dennis will step down as chairman when the transaction is completed.
Sheikh Mohammed bin Essa Al Khalifa will become executive chairman of the new group, valued at 2.4 billion pounds ($3.1 billion). McLaren, which is best known for its Formula 1 racing team, has been the subject of takeover bid speculation in recent years.
Dennis has spent 37 years at the helm of Woking, England-based McLaren and led the team to 158 Grand Prix wins and 17 Formula 1 World Championships. McLaren International was valued at 3 million pounds when he founded it in December 1980. The group had combined revenues of 898 million pounds last year and employed more than 3,400 people.
“We want to build on what he’s achieved," Sheikh Mohammed bin Essa Al Khalifa said. "We’ve also secured finance in order to stimulate growth in all our businesses, consolidate our financial structure and reorganise our shareholder base.”For all the latest Bahrain news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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