Former McLaren Automotive group chief executive Ron Dennis is to cut ties with the company through a £275m deal.
Sources state that the agreement, to be made official on Friday, will peg McLaren at over £2bn in value – among the most valuable private entitities in Britain.
The deal will combine the company’s two arms under one McLaren Group structure, according to sources.
The 70-year old Dennis was meted a gardening leave from his chief executive role last December after a bitter court case with fellow shareholders.
The former chief executive has since joined the Ministry of Defence’s Innovation Advisory Panel, that applies new tech to defense activities.
He has been on the MTG board but is now handing the position over.
Mr. Dennis was McLaren boss for over 35 years and enjoyed enormous race success with track stars like Lewis Hamilton, who is now with Mercedes.
He has also anchored lucrative commercial partnerships that has expanded McLaren’s technology applications.