F1 News, Reports and Race Results

Dennis to focus on family foundation and public service

The McLaren Group has announced that Ron Dennis has agreed terms to sell his shareholding in both the McLaren Technology Group and McLaren Automotive.

Dennis will also step down as Chairman of both companies which will be united under the new McLaren Group holding company, with the Bahrain Mumtalakat Holding Company and TAG Group remaining as its majority shareholders of the new entity.

"I am very pleased to have reached agreement with my fellow McLaren shareholders," Dennis said in an official statement.

"It represents a fitting end to my time at McLaren, and will enable me to focus on my other interests. I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward.

"Perhaps my greatest satisfaction is the Formula 1 team’s outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.

"I will continue to consult for various companies and work with the UK Government’s Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK’s national security.

"I will also continue to run my family’s charitable foundation – Dreamchasing – which focuses on mentoring and financing children and young people from all walks of life, so that they may aspire to and succeed in whatever their career dreams may be.

"It was working with Lewis Hamilton, whom I took under my wing when he was just 12 years old, and who became Formula 1 World Champion with McLaren in 2008, that inspired my idea to establish Dreamchasing as a charitable foundation.

"Now that my time at McLaren has come to an end, I will be able to involve myself in a series of other programmes and activities, especially those focused on public service.

"I will continue to indulge my passion for supporting contemporary artists and collecting their work, but most of all I will be driving new ideas and projects forward."

Despite a bitter end to his relationship with McLaren, Ron Dennis wished the group a prosperous future.

"Last but far from least, I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its business, and at every level of seniority. Truly, they are the best of the best.

"And, well funded to succeed and grow, and led by an ambitious management team, McLaren is ideally poised to build on the successes that I am so proud to have contributed to during my time leading such a great British group of companies."

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter

LAST CHANCE to enter our ULTIMATE TRACKDAY competition! FREE ENTRY HERE!

 

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

Recent Posts

Alpine double-podium in Brazil could deliver $30 million windfall

Alpine’s remarkable double podium at the São Paulo Grand Prix with Esteban Ocon and Pierre…

10 hours ago

F1i's Driver Ratings for the 2024 São Paulo GP

Alexander Albon, Williams (Did Not Start): 5.5/10 Alex Albon is definitely going through something of…

11 hours ago

Jos Verstappen rips British media after Brazilian Max fest

Jos Verstappen wasted no time after his son spectacular win at the São Paulo Grand…

13 hours ago

Leclerc left with ‘mixed feelings’ after disappointing Sao Paulo GP

Charles Leclerc's weekend in Sao Paulo was unfortunately a stark contrast to Ferrari's recent triumphs…

14 hours ago

Back when Kimi knew exactly what he was doing

Twelve years ago on this day, Kimi Raikkonen took a popular win at the 2012…

16 hours ago

Mercedes fined for starting grid tyre pressure infringement

The Mercedes team was hit with a fine by the FIA after Sunday’s Sao Paulo…

17 hours ago