Following the launch of McLaren’s new car on Friday, Ron Dennis has announced he is to step down from his role as team principal and hand over to McLaren’s Formula One CEO, Martin Whitmarsh. Dennis will, however, stay on as chief executive of the McLaren Group and will still attend some races.

"It is time, and I have to say it is absolutely 100 percent my decision,” explained the 61 year-old. “It is what I want to do, but I do intend to work much harder. It is absolutely time for Martin to take over as team principal. I will still go to races, not all of them, because I am passionate. Don't see it as some sort of retirement."

Whitmarsh, who joined McLaren in 1989, will take over from Dennis from March 1, ahead of the season-opening Australian race which will take place in Melbourne on March 29.