Dennis’ long McLaren reign to end? (6th Update)
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| It appears Ron Dennis is toast. One has to believe Michael Andretti is out there with a big smile on his face about now |
11/13/16
Ron Dennis will reportedly be suspended from his role as Chairman of McLaren this weekend, after a legal challenge at London's High Court failed.
The Briton, who has been in charge of the McLaren Formula 1 team for almost 40 years, is fighting a bid by McLaren's shareholders to remove him from the company following a disappointing few seasons.
Dennis owns 25 per cent of the McLaren Group, with Mansour Ojjeh also owning 25 per cent, whilst Bahraini sovereign wealth fund Mumtalakat owns a majority holding at 50 per cent.
Ojjeh and Mumtalakat want to remove Dennis, but the 69-year-old is keen to increase his control over the company and presented a £1.65 billion takeover backed by Chinese investors to McLaren's shareholders last week.
It's believed they rejected the deal and now want to place Dennis on gardening leave until his contract expires in mid-January.
Dennis appeared in court on Thursday and Friday this week in an attempt to get an injunction against the move. However it's believed the request was rejected.
McLaren held an emergency board meeting on Friday evening according to Sky News and agreed to push ahead with the move to remove Dennis with immediate effect.
It's expected an announcement could be made this weekend or early next week, though McLaren itself has refused to comment.
11/12/16 (GMM) Ron Dennis' long journey in F1 could come to a halt as early as next week, according to widespread reports.
The well-placed Sky News, as well as multiple British newspapers and sources, claim the McLaren supremo has even been at the London High Court to try to prevent his ousting from the company he has led for decades.
Express newspaper claims a $2 billion takeover bid by Chinese investors has been tabled by Dennis, prompting other shareholders including Mansour Ojjeh and the Bahrainis to move to oust the 69-year-old in the coming days.
Other reports say Dennis' move to get an injunction in the High Court against that move failed.
McLaren would not comment.
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| Michael Andretti who drove for Dennis a partial season in 1993, above, and who was screwed by Dennis, will probably take great joy if he's ousted |
11/11/16 The future of McLaren chairman Ron Dennis was thrown into further doubt on Friday when a report suggested he had launched legal action to stop the Woking-based outfit placing him on gardening leave.
Dennis is fighting to remain in charge of the Formula 1 team after it emerged last month that the board of its parent company had informed him that his contract would not be renewed.
Having indicated that he had no intention of stepping down, Dennis has been making efforts to find the financial backing that would help him secure a buyout of the team and ensure his future there.
However, a report on Sky News on Friday said that Dennis had been in the High Court in London on Thursday and Friday this week to get an injunction that would prevent him being placed on gardening leave until his contract expires.
With his efforts reported to have failed, Sky’s story claimed that an emergency McLaren board meeting was being convened for Friday night that was expected to lead to his immediate suspension as chief executive.
McLaren has issued a firm ‘no comment’ on the report, and there was no official paperwork to confirm the outcome of the court decision. motorsport.com
10/22/16 McLaren chairman Ron Dennis' position is under threat from his fellow shareholders.
Ross Brawn, Justin King and Martin Whitmarsh could replace him.
Insiders say Dennis, who has been in charge for 35 years, is set to leave at the end of the year, but the company is yet to decide who would come in.
But Brawn, the ex-Mercedes F1 boss, King, former head of Sainsbury's, and Whitmarsh, sacked by Dennis as McLaren team principal in 2014, are contenders.
However, it remains to be seen whether any of the three ends up with the job, as it would be an appealing position for senior executives and other names are almost certain to be on the list.
King is attending the US Grand Prix this weekend where he told BBC Sport: "There isn't a vacancy".
McLaren have said in a statement that Dennis is "not stepping down".
But that does not rule out him being replaced at the end of the year, when his contract is believed to run out.
Dennis has run McLaren since 1981 and has made it into one of Formula 1's most successful teams, and now a leading manufacturer of high-end sports cars for the road.
But he has for some time had an uncomfortable relationship with fellow shareholder Mansour Ojjeh – who, like Dennis, owns 25% of the McLaren Group.
The remaining 50% is owned by the Bahraini royal family through their Mumtalakat investment fund.
McLaren's statement added: "[Dennis] 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 dialog 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 categorized as 'more of the same'.
"However, it would be inappropriate to reveal further details of such discussions, which are of course private and confidential."
Dennis has for some time been trying to raise the capital to buy a controlling interest in McLaren but has not managed to do so.
Speculation has swirled about his position for a number of years as a result of this situation, but Dennis has so far managed to remain in his role at the helm of the company.
Insiders say Ojjeh and the Bahrainis have now decided to make their move but it remains to be seen whether they manage carry it through. BBC
10/19/16
McLaren group head Ron Dennis said he was "categorically" not stepping down after a report on Wednesday suggested he would be leaving his role as chairman and chief executive at the end of the year.
The autosport.com website said Dennis, 69, would not have his current contract renewed when it expired.
It gave no source for the information but added that McLaren Automotive, the separately-constituted road car division, was not affected by any change of leadership at McLaren Technology Group.
"Ron Dennis responded by stating categorically that he is not stepping down," a McLaren spokesman said ahead of Sunday's US Formula One Grand Prix at Austin's Circuit of the Americas.
"Moreover, he remains contracted as chairman and chief executive officer of McLaren Technology Group and he retains a 25 percent shareholding – exactly equal to that of (Saudi-born Luxembourg-based business partner) Mansour Ojjeh."
10/19/16 (GMM) British newspapers on Wednesday are reporting that Ron Dennis' long reign at McLaren may be coming to an end.
The Times said the Woking team's long-time supremo is "fighting to hold onto his job" amid a battle between himself and fellow co-owners Mansour Ojjeh and the Bahrain sovereign wealth fund.
"Ojjeh has aligned himself with the Bahrainis as relationships in the boardroom have turned sour", wrote correspondent Kevin Eason.
Other publications, including the Telegraph newspaper, are reporting similarly, with correspondent Daniel Johnson saying Dennis, 69, has "fallen out badly" with the other McLaren owners.
"In response to your question, Ron Dennis responded by stating categorically that he is not stepping down," a team spokesman said on Wednesday.
But the spokesman also admitted that talks about "potential equity movements and realignments" have taken place.