McLaren has reported that F1 paddock favourite Mansour Ojjeh is recovering following a double lung transplant.

The Saudi-born entrepreneur had been suffering with IPF lung disease for the past four years but, following the operation, is now well on the road to a full recovery and looking forward to rejoining the Woking team as it tours the world in 2014.

"My family and I have been through a very challenging period in our lives," Ojjeh commented in a statement released by McLaren, "However, I'm very grateful for the superb medical assistance that I've received, and I'm both elated and relieved that I'm now on the road to a full recovery.

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"We've missed our great friends in the paddock, as well as the up-close-and-personal excitement of F1, but we've faithfully watched every grand prix on television and we're now looking forward to enjoying more great times together at the circuits again next season."

Ojjeh is the CEO of TAG, which owns 21 per cent of the McLaren Group.