F1: McLaren Engineering in Play

F1: McLaren Engineering in Play

F1: McLaren Engineering in Play

$LMCA

Ron Dennis, 69 anni,Chairman and CEOof the McLaren Group owns 25% of the business, with another 25% owned by his business partner Mansour Ojjeh, with the remaining 50% owned by a Bahraini sovereign wealth fund.

According to reports Friday night, Mr. Dennis presented the offer for McLaren last week, with fellow shareholders launching a plot to remove him as CEO.

According to sources, Mr. Dennis appeared in the high court Thursday and Friday in an attempt to get an injunction against a move to place him on “gardening leave” until the end of his contract in mid-January.

McLaren is holding an emergency board meeting on Friday to deal with the situation.

Mr. Dennis has a 35-yr association with the company, built McLaren’s F1 team up to be the strongest in the world, with former champions including Ayrton Senna, Alain Prost, James Hunt, Niki Lauda and Lewis Hamilton.

But, now he, along with other major figures in F1, including CEO, Bernie Ecclestone, and Frank Williams approaching the last phase of their involvement, F1 is entering a new age under its new owners, Liberty Media (NASDAQ:LMCA).

When contacted Friday night McLaren would not comment.

Have a terrific weekend.

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