McLaren has dismissed a claim in the German media that Ron Dennis has been effectively demoted within the Woking corporation.

Germany's Auto Motor und Sport, which among some has a reputation for National Enquirer style, finger in the air, speculation, claims that as a result of McLaren Automotive losing money, Dennis had been demoted to the role of non-executive chairman.

The Woking (Dennis' home town) company was quick to react.

"Ron Dennis is Chairman of McLaren Group and McLaren Automotive," a spokesperson told Pitpass. "He chairs both boards, and continues to exercise full voting rights.

"Ron Dennis is and remains a significant shareholder in both McLaren Group and McLaren Automotive," they added. "The timing of Ron Dennis's elevation to Chairman, whereby he relinquished a purely executive remit, was selected by Ron himself three years ago, was confirmed contractually at that time, and, as Ron planned and as the board agreed, came into effect in January of this year."

Referring to the claim that McLaren Automotive is losing money, the spokesperson added: "The McLaren 12C, the first of a planned three-model range of high-performance production sports cars, has been extremely well reviewed by the world's motoring press, and is selling strongly. Sales of the McLaren P1, the second of a planned three-model range of high-performance production sports cars, will begin as planned later this year.

"McLaren Automotive is on track to return a profit this year, the figures quoted in the Auto Motor und Sport article are incorrect."