Dennis severs McLaren links

Source:Reuters Published: 2017/7/1 0:33:39

Ron Dennis, chairman of ­McLaren's Formula One team and separate sports carmaker, will step down from his role at the brand and sell his shares, ending a 37-year relationship which soured in recent months alongside race-track failings.

McLaren, valued at 2.4 billion pounds ($3 billion), have not won a Grand Prix since 2012 and are last in the 10-team championship this year after embarking on a troubled partnership with their former engine supplier Honda.

Dennis was ousted as McLaren chief executive in November when the majority shareholders put him on gardening leave after reports he backed a Chinese takeover bid that other investors opposed.


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