McLaren have announced the death of shareholder Mansour Ojjeh at the age of 68.
In a statement the team said that Mr Ojjeh passed away peacefully today in Geneva surrounded by his family. A further statement will be released in due course.
"All at McLaren Racing mourn his loss together with his family, to whom the team sends its most heartfelt condolences," the team added.
Mr Ojjeh had been a shareholder at McLaren since 1984. He was the CEO of TAG, which owns 14.32 percent of the McLaren Group.
McLaren CEO Zak Brown has paid tribute to Mr Ojjeh and the role that he played in McLaren's success, calling the Paris-born Saudi shareholder a "titan of our sport".
"The passing of Mansour Ojjeh has devastated everyone at McLaren Racing," Brown said in a statement. "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."
Stefano Domenicali, CEO of Formula 1, has also shared a tribute to Mr Ojjeh via a Twitter post from the F1 account.
"Mansour was someone with incredible talent, passion and energy and was a giant of our sport," Domenicali said. "I will miss him greatly and so will the whole F1 community."
Others have since taken to social media to pay tribute to Mr Ojjeh.
Jean Todt said: "Deeply saddened by the passing of my friend Mansour Ojjeh, one of @F1’s legends. He achieved huge success with @WilliamsRacing & @McLarenF1. He was unique & a real gentleman. He will be truly missed and will always be remembered. Our thoughts & prayers are with his beloved family."
A minute's silence will be held ahead of the Azerbaijan Grand Prix for Mr Ojjeh as well as former FIA President Max Mosley, who passed away in May.