Well-known F1 sponsorship mogul Zak Brown is in the running to become McLaren's new group CEO.

On Tuesday, the famous British team and the 69-year-old confirmed that long-time chief Ron Dennis has been ousted.

"McLaren Technology Group is now in the process of seeking a new chief executive officer," McLaren declared in a statement.

The Times reports that the frontrunner is Brown, who recently left his role in charge of several lucrative sponsorships in F1.

However, the report says that a "tug of war" is taking place for Brown's services between McLaren and F1's new owners Liberty Media.

American Brown apparently has "48 hours to decide" if he wants to succeed Dennis as McLaren's chief.

It is believed that Brown is also a favourite to succeed Bernie Ecclestone as F1's chief executive.

Until the decision to replace Dennis is made, McLaren said that they will be run by committee.