"That being the case, in order to develop and sustain the revenue streams required to compete and win grands prix and world championships, companies that run Formula One teams must broaden the scope of their commercial activities.
"Nonetheless, all of our partners will of course continue to play a crucial role in our Formula One programme. For that reason, and because the engines they produce are very competitive, we're delighted that Mercedes-Benz has committed to continue not only as an engine supplier but also as a partner of ours until 2015 – and perhaps thereafter."
McLaren plans to buy back the 40 percent stake in the company that Mercedes-Benz parent company Daimler has had in the team, which will further strengthen McLaren's independence.
Dennis added: "The next few years will be a very exciting time for McLaren, during which period we intend to become an ever-stronger technological and economic force. Formula 1 will always be a core activity, for sound business reasons as well as for historical sporting reasons.
"We're risk-averse by design. Over the past two years we've analysed in great detail the challenge of entering the high-performance production sports car market. In the MP4-12C, which will be introduced to market in 2011, we have a car that has inherited the genes of the iconic McLaren F1 of 1994 and has already been the subject of much global media acclaim.
"It is proposed that it will be produced in a new state-of-the-art production facility adjacent to the existing award-winning McLaren Technology Centre at Woking."
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