McLaren: We are not in discussion with Apple

Apple Inc has approached British Formula One team owner McLaren Technology Group for a strategic investment or a potential buyout, the Financial Times reported, citing sources.

However, McLaren said it was not in talks with Apple about a deal. "We can confirm that McLaren is not in discussion with Apple in respect of any potential investment."

While Apple insisted that they do "not comment on rumours or speculation."

The loss-making automotive group could be valued at between $1.3 billion and $2 billion, the newspaper reported.

McLaren is controlled by Ron Dennis and the Bahrain sovereign wealth fund. Dennis, who ran the Formula 1 team before expanding the business into other areas, would be in line for a multi-million dollar windfall if a deal with Apple did go through.

A deal with McLaren, which also produces high performance sports cars, could give Apple key automotive technology amid reports that the iPhone maker is working on a self-driving car.

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