Ron Dennis has ended his 37 years with McLaren by selling his shares and stepping down as chairman after a troubled six months with the automotive group.
He has reportedly agreed to sell his stakes in McLaren Technology Group, which runs the Formula One team, and McLaren Automotive, the car manufacturer, for STG275 million ($A465 million).
He was ousted as McLaren chief executive in November 2016 but remained chairman and kept his 25 per cent stake.
McLaren's sports car business, set up in 2010 to rival Aston Martin, among others, has gone from strength to strength in recent years, posting a 70 per cent rise in pre-tax profits on Thursday.
However, the Formula One team has not won a race since 2012 and is last in the 10-team championship after embarking on a troubled partnership with Honda.
A new holding company called McLaren Group would be set up to combine the two operations, McLaren said on Friday.
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