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Ron Dennis to be ousted in £1.6bn Chinese takeover bid for McLaren?

According to Sky News, Ron Dennis is said to have presented a £1.65bn for the McLaren Formula One team. Reports state that a consortium of Chinese investors has tabled a £1.65bn takeover bid for McLaren, who own the McLaren Formula One (F1) team.

Sky News reported today that Dennis presented the offer from a group of unidentified Chinese investors ‎last week. This move has allegedly prompted his fellow shareholders to launch a plot to oust him as chief executive.

Sky News sources said Dennis‎ was in the High Court on Thursday and Friday in an attempt to secure an injunction against a move to place him on gardening leave until his contract expires in mid-January. According to the reports, his move has been rejected. This has apparently led to an emergency board meeting of McLaren being convened thsi evening. The meeting is expected to lead to his immediate suspension as chief executive.

There’s more though … according to the Sky News reports, tensions have been mounting between Dennis, who owns 25% of McLaren Technology Group, and Mansour Ojjeh, a long-term business partner, who also holds 25%. Sky reports that both Mr Ojjeh and Mumtalakat, the Bahraini sovereign wealth fund, which owns the remaining 50%, believe that the Chinese bid is undesirable and want Ron to step down.

Neither Ron Dennis nor McLaren have commented on the matter yet and while all information is not yet confirmed, we will do out utmost to keep you updated as news updates are released.

About Adele Groenendaal

Some say she's Murray Walker's illegitimate offspring. Others say she was a right wheel-gunner for the Lotus F1 team. All we know is Adele has high octane fuel running through her veins and Formula One is her passion. Follow Adele on Twitter @aprilrain500

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