Legendary F1 boss Ron Dennis has resigned as the chairman and CEO of McLaren Technology Group (MTG), blaming Bahraini sovereign wealth fund Mumtalakat and Mansour Ojjeh’s TAG Group for his departure.
Dennis, who has been with McLaren for 35 years, has a 25 percent stake in MTG, while Mumtalakat has 50 percent and TAG Group 25 percent.
In a statement, Dennis said that he had reached his decision after the two rival investors placed him on enforced leave.
He said that Mumtalakat and TAG had acted “despite the strong warnings from the rest of the management team about the potential consequences of their actions on the business,” and that neither investor “shared his vision for McLaren and its true growth potential”.
Dennis said he would stay on as a board member.
An end to his stewardship has drawn to a close a 35-year association with McLaren, during which time he has developed the company into a successful F1 team, as well as a manufacturer of luxury sports cars.
Dennis, who started in Formula One in the 1960s and has been involved with McLaren since 1980, stood down as team boss in 2009 but returned as group chief executive in January 2014.
McLaren also changed their name in 2014 to McLaren Technology Group, incorporating the car company and applied technologies as well as the F1 team.
The BBC reported last month that Dennis has endured an “uncomfortable relationship” with Saudi-born Mansour Ojjeh.
Quoting insiders, the BBC reported that Ojjeh and the Bahrainis have decided to make their move and bring in someone new.
McLaren, the sport's second most successful team historically, have not won a race since 2012 and have struggled on the track since they started a new partnership with Honda last season.
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