To answer my own question, Ron Dennis owns the team with 60% voting rights.
Yea, but read the license terms. If there are voting rights involved, Intel doesn't just want you to have 50% or more voting rights, they want you to have the right to pick the director and management.
Unless Ron Dennis also has that right, McLaren not be considered a valid subsidiary under Intel's terms.
Ron Dennis + a management picked by Mercedes wouldn't qualify.