Ron Dennis has formally ended his involvement with McLaren after selling his shares in the company, as confirmed in a statement issued on Friday.

Dennis took over McLaren's Formula 1 operation in 1980 and led it to 17 combined world titles, working with drivers such as Niki Lauda, Alain Prost, Ayrton Senna, Mika Hakkinen and Lewis Hamilton.

Dennis was forced to resign as CEO and chairman in November, but remained a significant shareholder in the various companies under the McLaren umbrella.

A statement on Friday confirmed that Dennis had now sold his shares and stepped down from all roles within McLaren, ending his involvement with the company.

"Ron Dennis, Chairman of McLaren Technology Group and McLaren Automotive, has agreed terms to sell his shareholdings in both companies," the statement reads.

"The formation of the McLaren Group - the new holding company of McLaren Technology Group and McLaren Automotive - will underpin the continuing rapid growth of McLaren's businesses and brand.

"The Bahrain Mumtalakat Holding Company and TAG Group will remain as majority McLaren Group shareholders. Shaikh Mohammed bin Essa Al Khalifa will become McLaren Group's executive chairman.

"On completion of the transaction, Ron Dennis will step down as chairman of both companies, and will continue to pursue his career as a consultant and entrepreneur."

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