McLaren's legendary boss has been ousted - but says he'll launch a technology investment fund next year

 
Emma Haslett
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Ron Dennis and McLaren driver Fernando Alonso (Source: Getty)

Legendary McLaren boss Ron Dennis said today he has been "required to relinquish his duties" as chairman and chief executive after pressure from shareholders.

Last week it was reported that Dennis had backed a £1.65bn takeover bid for the Formula One team and the technology arms of McLaren.

However, shareholders TAG and Mumtalakat weren't impressed, and allegedly plotted to oust him from the company - leading to a High Court injunction against a move to place him on gardening leave.

But in a statement from the McLaren Technology Group today, Dennis said he had been ousted, but said he remains on the boards of both McLaren Technology Group, its data arm, and McLaren Automotive, its car manufacturing business.

Dennis expressed his disappointment in the move.

"The grounds they have stated are entirely spurious; my management style is the same as it has always been and is one that has enabled McLaren to become an automotive and technology group that has won 20 Formula One world championships and grown into an £850m a year business.

"Ultimately it has become clear to me through this process that neither TAG nor Mumtalakat share my vision for McLaren and its true growth potential. But my first concern is to the business I have built and to its 3,500 employees.

"I will continue to use my significant shareholding in both companies and my seats on both boards to protect the interests and value of McLaren and help shape its future."

And he said once the smoke has cleared, he will launch a new investment fund.

"In addition I intend to launch a new technology investment fund once my contractual commitments with McLaren expire. This will capitalise on my expertise, my financial resources, together with external investment to pursue the many commercial opportunities I have been offered in recent years but have been unable to take up while being so committed to the existing business.”

Earlier this year McLaren was forced to deny takeover rumours after it was reported Apple was in talks to buy all or part of its business.

Reports suggested Apple was interested in using McLaren's technology in the development of its driverless car.

In March Mike Flewitt, McLaren Automotive's chief executive, told City A.M. it had started investigating some autonomous safety features, such as radar cruise control - although had no plans to launch a fully autonomous vehicle.

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