Six months after he was ousted from his position as McLaren CEO, Ron Dennis is relinquishing his board role and selling his shares in a £275m deal.
Last December, Dennis lost control of the Formula 1 team that he had helped build, ousted in a boardroom row.
According to reports, Dennis’ relationship with investor Mansour Ojjeh and the Bahrain-based investment fund Mumtalakat hit a low over disagreement over his management of the team.
This resulted in the Brit being placed on “gardening leave.”
Now, six months later, he is severing all ties with McLaren.
Sky News is reporting that Dennis is selling his shares in the McLaren Technology Group for £275m, a deal that could be confirmed as early as Friday morning.
The report added that the deal will see McLaren valued at “£2bn – making it one Britain’s most valuable private companies.”
It is not yet known if Dennis’ shares are going to existing shareholders or an outside party.
The 70-uear-old is also relinquishing his role on the McLaren Technology Group board.