WOKING, England — McLaren founder and guiding light Ron Dennis said the group will spin off McLaren Automotive and raise up to $375 million in new investment capital, ahead of the 2011 launch of the new McLaren sports car.

Dennis also formally handed off his duties as executive chairman of McLaren Racing to Martin Whitmarsh, who took over earlier this year as team principal of Vodafone McLaren Mercedes.

Dennis will continue as executive chairman of McLaren Automotive, which will become an independent company later this year. In that role, he will focus on development of the new sports-car range, as well as plans to build a new assembly plant in the U.K.

McLaren Automotive is the successor to McLaren Cars, which created the McLaren F1 sports car. McLaren Automotive developed and builds the Mercedes-Benz SLR McLaren.

Daimler still owns 40 percent of the McLaren Group, while the Tag Group holds 15 percent and Bahraini interests 30 percent. Dennis owns 15 percent.

To support the restructuring, Dennis named Richard Lapthorne non-executive chairman of the McLaren Group and non-executive director of McLaren Automotive. Lapthorne is chairman of Cable and Wireless, the British telecom giant, as well as the former vice-chairman of British Aerospace.

Dennis was philosophical about his withdrawal from motorsports after a career spanning more than 40 years. "The Malaysian Grand Prix, I watched on TV in the U.K. — an activity I found surprisingly easy. I'd expected to be more emotional about it, after an unbroken run of attending so many Grands Prix for so many years.

"I admit I'm not always easy to get on with," he went on. "I admit I've always fought hard for McLaren in Formula 1. I doubt if Max Mosley or Bernie Ecclestone will be displeased by my decision. But no one asked me to do it. It was my decision."

Inside Line says: Gone, perhaps, from F1, but certainly not forgotten. — Paul Lienert, Correspondent