McLaren boss Ron Dennis and Saudi investor Mansour Ojjeh are selling half their stakes in the Formula One team to Bahrain's Mumtalakat Holding Company, McLaren said on Tuesday.

A statement on the team's Web site said Mumtalakat had "entered into an agreement, by way of a strategic investment, to acquire a 30 percent stake in McLaren Group Limited following a period of extensive discussions with the existing McLaren Group shareholders."

Mumtalakat is wholly owned by the Kingdom of Bahrain.

McLaren said that the new shareholding structure, after completion of the deal, would leave Mercedes parent DaimlerChrysler with 40 percent and Dennis and TAG Group (Holdings) with 15 percent each.

"The company will continue to be managed by its existing management team," it added on www.mclaren.com.

McLaren said an application was being made for the necessary competition law clearances, which were expected to be received within six weeks.

Tuesday's announcement followed reports in Germany last year that Mercedes were close to buying the remaining 60 percent in McLaren after paying an estimated $400 million for their original stake in 1999.

No financial details were given on Tuesday.

Dennis said in November that McLaren, who have Spain's double world champion Fernando Alonso racing for them this season, were financially fitter than at any time in their history and would be debt-free this month.

The Briton will be 60 this year and has already handed over much of the day-to-day running of the team to chief executive Martin Whitmarsh.

"Martin has spent the last 10 years trying to convince me to retire," Dennis joked at a recent lunch with reporters at the Woking factory. "In the last three years he's intensified his efforts.

"At the end of the day I'm passionate about Formula One. Most people's perception of retirement is that you stop working. My perception of retirement is completely different. It's just a systematic backoff.

"It will be a slow process of disengagement but not a switch. I don't want to quit as a loser."

McLaren, who last won a drivers' title with Mika Hakkinen in 1999, failed to win a race last season. They have won eight constructors' championships in total.

The Bahrain stake adds to existing Middle Eastern involvement in the glamour sport, with Bahrain also hosting the region's only grand prix.

Dutch sportscar company Spyker, who bought the Midland team last September, and FIAT-owned Ferrari have a common shareholder in Abu Dhabi's Mubadala Development Company, who own 17 percent of the former and five percent of the latter.