Dennis sells part of McLaren stake

McLaren boss Ron Dennis has sold half his stake in the Formula One team to a company owned by the Kingdom of Bahrain.

The Bahrain Mumtalakat Holding Company is to purchase a 30% share in McLaren, subject to competition law clearances that should be received within six weeks.

A McLaren statement confirmed the company "had entered into an agreement, by way of a strategic investment, to acquire a 30% stake in McLaren Group Limited following a period of extensive discussions with the existing McLaren Group shareholders".

The new shareholding structure post completion will see 40% owned by DaimlerChrysler, 30% by Mumtalakat Holding Company and 15% each by Dennis and TAG Group (Holdings).

Mansour Ojjeh, part-owner of TAG, is also selling 15% of his holding in the team to the Mumtalakat Holding Company.

McLaren insist the team "will continue to be managed by its existing management team".