London (AFP) - Formula One legend Ron Dennis' 37-year relationship with McLaren ended on Friday with the announcement that he is stepping down as chairman and has sold his 25 per cent stake in the McLaren Technology Group.

The 70-year-old's announcement comes after he was placed on "gardening leave" last November as his relationship with his fellow shareholders deteriorated beyond repair.

Prior to Friday's announcement Bahrain's Mumtalakat investment fund owned 50 per cent and the remaining 25 per cent was held by Dennis' long-time business partner Mansour Ojjeh, a Saudi-born Frenchman.

Dennis - who helped guide the likes of Lewis Hamilton and Ayrton Senna to the world title - said he was pleased to have come to an agreement that would allow him to focus on his other interests.

"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," he added.