Ron Dennis is set to become the majority shareholder of the McLaren Group once again after his fellow shareholders agreed to sell a big stake to him.
The 67-year-old currently owns 25 percent of the McLaren Group while TAG Chief Executive Mansour Ojjeh is also on 25 percent with Bahrain’s Mumtalakat sovereign wealth fund holding the remaining 50 percent.
However, the parties have agreed a price at which Dennis could reclaim the majority stake if he can raise the necessary funds.
Formula 1 supremo Bernie Ecclestone had already let the cat out of the bag on Thursday by claiming Dennis was close to taking charge again.
“They (the Bahrainis) are nothing to do with the race team any more. They have sold the shares to Ron,” said the 84-year-old Briton.
“He’s got to pay for them by a certain date. If he doesn’t pay, they will obviously take everything back again. But at the moment, Ron would own the company.”
Although McLaren officials are remaining tight-lipped, they have denied that any transaction has taken place.
“No transaction has taken place, but the shareholders have had discussions on how to best facilitate and enhance the future growth of the McLaren Group,” a McLaren spokesperson told Reuters.
“When and if a transaction takes place, it is not envisioned that the current shareholders will exit McLaren completely, and announcements would be made at the appropriate time.”