Ron Dennis's contract as chairman and CEO of the McLaren Group will not be renewed upon expiry at the end of this year, according Autosport.com.
The 69-year-old manager, who took over the McLaren F1 team in 1980, has enjoyed a 35-year spell at the helm of McLaren and overseen its development and diversification into several sectors of the the automotive industry.
Power struggles within the British company have apparently emerged in the last couple of years with Dennis - a 25% shareholder of the McLaren Group - attempting to take full control of the company through a buy-out of fellow shareholders, Bahrani sovereign wealth fund Mumtalakat (a 50% shareholder) and long-time friend and associate Mansour Ojjeh (a 25% shareholder).
According to Autopsort, Dennis' efforts at securing the necessary financial backing to acquire a controlling stake within a specific deadline were not successful.
A McLaren spokesman, contacted by Autosport, refuted the claims that Dennis would be relinquishing his leading role at McLaren at the end of 2016.
"In response to your question, Ron Dennis responded by stating categorically that he is not stepping down.
"Moreover, he remains contracted as chairman and chief executive officer of McLaren Technology Group, and he retains a 25% shareholding in the Group - exactly equal to that of Mansour Ojjeh.
"Over many years, many decades in fact, McLaren shareholders have often entered into dialogue on the subject of potential equity movements and realignments, and Ron and Mansour have always been central to those discussions.
"That is still the case. Their recent conversations can therefore be categorised as 'more of the same'.
"However, it would be inappropriate to reveal further details of such discussions, which are of course private and confidential."
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