McLaren deny Apple takeover rumours

"We can confirm that McLaren is not in discussion with Apple in respect of any potential investment," a McLaren spokesman said.

"As you would expect, the nature of our brand means we regularly have confidential conversations with a wide range of parties, but we keep them confidential."

The Financial Times newspaper, citing three sources it said had been briefed on negotiations, had reported that Apple had made an approach for a strategic investment or a potential buyout.

It reported that the automotive group could be valued at between £1 billion and £1.5 billion.

Reports have suggested that Apple, which had no immediate response to the Financial Times story, is working on a self-driving car.

The iPhone maker has hired dozens of automotive experts over the past year and is exploring making charging stations for electric cars.

Apple also invested $1 billion in Chinese ride-hailing service Didi Chuxing earlier this year.

The McLaren Formula One team is partnered by Honda, who provide the power units. The team is the second most successful in the sport's history after Ferrari in terms of race wins and titles, but has not won a Grand Prix since 2012.