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Dennis set to be ousted from McLaren over takeover bid

Ron Dennis is on the cusp of being ousted from his role as chief executive of the McLaren Group as early as this weekend.
Ron Dennis is on the cusp of being ousted from his role as chief executive of the McLaren Group by his fellow shareholders in response to a takeover bid from a consortium of Chinese investors valued at £1.65bn.

It is understood Dennis tabled the proposal from a group of unidentified investors, a move that Sky News says he has now set in motion an attempt to remove him from the company altogether by initially placing him on gardening leave until January when his contract expires.

Dennis attempted to prevent this by taking his case to the High Court this week, but it is understood to have been rejected.

As a result, an emergency board meeting of McLaren has taken place today [Friday] that could see Dennis immediately suspended from his duties within the company.

When contacted, McLaren would not comment on the reports, though Crash.net understands he remains chairman and CEO of the McLaren Group.

Dennis has been a mainstay of the McLaren brand for more than three decades, helming it to 12 Formula 1 drivers' titles and eight constructors' titles. However, it hasn't won a race since the 2012 Brazilian Grand Prix and its most recent collaboration with engine supplier Honda has struggled to yield results.

Despite this, McLaren's motoring and technology arms have flourished in recent years, with Apple rumoured to have been interested in a takeover bid in September.

As it stands, Dennis owns 25 per cent of the McLaren Group, with Mansour Ojjeh owning another 25 per cent and the Bahraini sovereign wealth fund Mumtalakat owning 50 per cent.

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theoldgitspeaks

November 12, 2016 4:01 PM

A very successful but unpopular man who is at last getting his due, he will go down in F1 history as probably the most disliked man to ever reach such a position and it will be very ironic to see MclarenHonda achieve success after he has gone if indeed they ever do.



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