Ron Dennis wishes McLaren well as he closes his chapter in their history

Ron Dennis has said his time at McLaren should be considered a "chapter in the McLaren book" after it was confirmed on Friday that he would be stepping down and cutting ties with the company he built from a small Formula 1 team to an automotive and technology leader.

Dennis will sell his remaining stake in the business to existing shareholders Shaikh Mohammed bin Essa Al Khalifa and Mansour Ojjeh, which will unite McLaren Automotive and the McLaren Technology Group into a single company.

In a separate statement issued on Friday, Dennis wished the company well and said he would continue to work on his own projects as well as his role with the Ministry of Defence Innovation Advisory Panel.

"I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward,” said Dennis.

“Perhaps my greatest satisfaction is the Formula 1 team's outstanding racing safety record, which is a tribute to the dedication and efforts of hundreds if not thousands of talented and conscientious employees whom I have had the privilege of leading.

"I will continue to consult for various companies and work with the UK Government's Ministry of Defence Innovation Advisory Panel in helping to improve the technology, the culture and the organisations that together safeguard the UK's national security.

"I will also continue to run my family's charitable foundation – Dreamchasing – which focuses on mentoring and financing children and young people from all walks of life, so that they may aspire to and succeed in whatever their career dreams may be. It was working with Lewis Hamilton, whom I took under my wing when he was just 12 years old, and who became Formula 1 World Champion with McLaren in 2008, that inspired my idea to establish Dreamchasing as a charitable foundation."

He added: “Now that my time at McLaren has come to an end, I will be able to involve myself in a series of other programmes and activities, especially those focused on public service. I will continue to indulge my passion for supporting contemporary artists and collecting their work, but most of all I will be driving new ideas and projects forward."

The Briton, who turned 70 earlier this month, said he was proud to have contributed to the successful growth of the company.

"Last but far from least, I wish McLaren well, and I send my greatest thanks and best wishes to my colleagues in all corners of its business, and at every level of seniority. Truly, they are the best of the best. And, well funded to succeed and grow, and led by an ambitious management team, McLaren is ideally poised to build on the successes that I am so proud to have contributed to during my time leading such a great British group of companies."