Update: McLaren Group issued a statement denying the reported Audi acquisition by British media. This is what a company spokesperson told CarScoops:

“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.
McLaren’s technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers, however, there has been no change in the ownership structure of the McLaren Group.”

Original story follows below.

During the weekend we heard rumors about Audi wanting to buy the McLaren’s F1 team with BMW eyeing the automotive division, with the latter being . However, just a few minutes ago, Autocar reported that Audi has bought the whole McLaren Group in a bold move that will allow the German brand to enter the glamorous world of Formula 1 racing, while securing the future of the troubled British automaker.

The acquisition that is reported from an unnamed Autocar source means that the Volkswagen Group, which owns Audi, will now have another supercar manufacturer under its umbrella alongside Lamborghini. Audi has yet to confirm the report, while McLaren stated that “there has been no change at a management level”. As a reminder, McLaren’s CEO, Mike Flewitt, stepped down a couple of weeks ago after eight years in this role.

The reported deal comes soon after Bugatti Rimac was established, giving control of the Molsheim-based hypercar manufacturer to the new CEO, Mate Rimac. However, Porsche AG has retained a 45 percent stake in the new company which means the VW Group is not excluded from the mix.

Read Also: McLaren Sold Its Iconic Woking Headquarters For $237 Million

Back to the alleged takeover, it will give Audi full control of the whole McLaren Group, except the McLaren Applied Technology division which was sold to another private investment group last August. The tie-up could result in future McLaren supercars fitted with Audi’s powertrains and flagship Audi Sport models benefiting from McLaren tech. It would also provide the British manufacturer with sufficient capital to overcome the financial difficulties of recent years.

Moreover, McLaren’s F1 team, whose performance has improved significantly during the past couple of seasons, sounds like the ideal way to kick off VW Group’s long-rumored Formula 1 involvement. Autocar notes, however, that the deal with McLaren doesn’t rule out Porsche’s interest in F1, which was recently confirmed by Porsche Motorsport’s new boss, Thomas Laudenbach, and could result in a separate entry taking advantage of any new power unit rules.