McLaren Denies Audi Sale Report, Acknowledges Strategic Talks

(Bloomberg) -- McLaren Group denied a report that Audi had acquired the closely held British company, though it stopped short of dispelling speculation that further cooperation with other automakers could be afoot.

The group company that owns both the supercar maker and the second-oldest active Formula 1 team issued a statement Monday saying there had been no change in its ownership structure. Autocar reported earlier that Audi had acquired McLaren to secure entry to Formula 1 racing, a day after Automobilwoche said both Audi and BMW AG were interested in the company.

While McLaren called Autocar’s report “wholly inaccurate,” it nodded to the idea it’s talking with companies about possible partnerships.

“McLaren’s technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers,” the company said.

McLaren has struggled financially since the pandemic disrupted its production and the Formula 1 racing circuit. Over the past year, the company has sold and leased back its headquarters in Woking, near London; sold a stake in its racing unit to a consortium of U.S.-based investors; and raised money from new and existing investors, including Bahrain and Saudi Arabia’s sovereign wealth funds.

The company announced late last month that Mike Flewitt, McLaren Automotive’s chief executive officer, had stepped down after eight years.

Volkswagen AG’s Audi division said in a statement Sunday that it “routinely considers various ideas for cooperation,” and representatives declined to comment further Monday. BMW denied that it’s interested in buying McLaren Automotive.

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