Ojjeh played a significant and influential role in the history of the McLaren team for nearly four decades, having become a shareholder in 1984.

McLaren announced the Paris-born Saudi Arabian billionaire’s passing in a statement on Sunday morning ahead of the Azerbaijan Grand Prix.

"It is with deep sadness that McLaren Racing announces the death of Mansour Ojjeh, shareholder of McLaren since 1984," said the team.

"Mr Ojjeh passed away peacefully this morning in Geneva, aged 68, surrounded by his family.

"All at McLaren Racing mourn his loss together with his family, to whom the team sends its most heartfelt condolences.”

Ojjeh, who formed a partnership with Ron Dennis and played a huge role in the success of McLaren, was replaced on the McLaren board by his son, Sultan, last year.

The former TAG Heuer owner had a double lung transplant in 2013 after suffering with IPF lung disease for a number of years.

“The passing of Mansour Ojjeh has devastated everyone at McLaren Racing,” said McLaren Racing CEO Zak Brown.

“Mansour has been etched into the heart and soul of this team for nearly 40 years and was intrinsic to its success. He was a true racer in every sense. Ultra-competitive, determined, passionate and, above all, perhaps his defining characteristic: sporting. No matter the intensity of the battle, Mansour always put sport first.

“Mansour was a titan of our sport, yet modest, unassuming and disarming to all he encountered. His easy manner, sharp wit and warm humour touched all those who were fortunate to know him.

“His love of this team was palpable for all to see and those of us privileged to work for McLaren will remember Mansour as an impressive yet humble, human, father-figure who showed us at the most individual, personal level how to fight adversity and be resilient.

“He will remain in death what he was in life: a constant inspiration to all of us at McLaren and beyond. Mansour’s legacy is secure. It is woven into this team and perpetual. We race on as he would wish, our resolve stronger than ever, with his memory and legacy forever in our hearts and minds.

“All at McLaren Racing express their deepest sympathies to his entire family.”