McLaren denies reports of Audi purchase, but rumours continue – UPDATE

UPDATE, November 16: McLaren has put out a written statement refuting it has been purchased by Audi.

Overnight, British magazine Autocar published a story stating McLaren had been acquired by Audi – a claim McLaren stringently denies.

“McLaren Group is aware of a news media report stating it has been sold to Audi. This is wholly inaccurate and McLaren is seeking to have the story removed,” the statement from McLaren read.

But while the company denies the deal being done, Car Magazine is quoting unnamed sources who say BMW and Audi are in a bidding war for McLaren.

According to those familiar with the matter, Audi is vying for both McLaren Cars and its Formula 1 division in a deal said to be worth £1 billion (AU$1.83bn).

Two former Volkswagen Group executives are currently in charge of McLaren, following CEO Mike Flewitt’s departure last month.

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Car Magazine also says BMW will be meeting with wealth fund Mumtalakat in an “on-the-record” meeting in early December.

A BMW-McLaren partnership would allow the German carmaker to go head to head with AMG-Aston Martin, as well as competing against supercars from Volkswagen Group brands such as Audi, Porsche, and Lamborghini.

While Audi – and by proxy, the Volkswagen Group – appears interested in acquiring McLaren’s F1 team, the purchase of its road car division would is seen as a strategic defence play by blocking out BMW.

BMW dismissed the initial report from Automobilwoche as “wrong”, while Audi has been more open about its interest.

Exactly what movements are happening behind the scenes can expect to become known in the coming weeks.

The original story remains unchanged below.

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The story to here

November 15: BMW has dismissed reports it is interested in buying McLaren.

Over the weekend, German industry publication Automobilwoche suggested BMW was eyeing McLaren – potentially adding the supercar maker to its portfolio of British marques, already comprising Mini and Rolls-Royce.

Unnamed sources within the article pointed to a proposed meeting next month between BMW and wealth fund Mumtalakat, which controls McLaren.

A BMW spokesperson has since said the article is “wrong”.

The two organisations do have a history together, with the original McLaren F1 supercar being powered by a BMW V12 engine.

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However, Audi has told Reuters it is “open to cooperation opportunities” following whispers the company was looking at purchasing McLaren’s Formula 1 racing team.

Audi’s parent company Volkswagen Group has long been rumoured to be considering an entry into Formula 1.

McLaren has been struggling through financial woes in recent years, being forced to raise funds through the sale of its iconic headquarters and the issuance of shares and other financial instruments.