Six months after he was ousted from his position as McLaren CEO, Ron Dennis is relinquishing his board role and selling his shares in a £275m deal.
Last December, Dennis lost control of the Formula 1 team that he had helped build, ousted in a boardroom row.
According to reports, Dennis' relationship with investor Mansour Ojjeh and the Bahrain-based investment fund Mumtalakat hit a low over disagreement over his management of the team.
This resulted in the Brit being placed on "gardening leave."
Revealed: Sale of Ron Dennis's McLaren stake will value automotive group at well over £2bn, and follows his ousting last year.
— Mark Kleinman (@MarkKleinmanSky) June 29, 2017
Now, six months later, he is severing all ties with McLaren.
Sky News is reporting that Dennis is selling his shares in the McLaren Technology Group for £275m, a deal that could be confirmed as early as Friday morning.
The report added that the deal will see McLaren valued at "£2bn – making it one Britain's most valuable private companies."
It is not yet known if Dennis' shares are going to existing shareholders or an outside party.
The 70-year-old is also relinquishing his role on the McLaren Technology Group board.