Ron Dennis: 'Title sponsors no longer exist in Formula 1'

McLaren supremo Ron Dennis has claimed that the era of title sponsorship for Formula 1 teams is over.

The Woking-based constructor has lost out on a number of possible deals including a rumoured £155m contract with the makers of Johnnie Walker whiskey.

However, Dennis believes that title sponsors are a dying breed in F1.

He is quoted by Richland F1 as saying: "Title sponsorship doesn't exist anymore as a concept. If you look at what title sponsorship would normally be, it would be somewhere between 40-50% of your budget.

"Where the budgets are for a competitive team, no company will come in and give you that kind of money. Therefore what you do is you cut it up into bite-sized pieces, so you get a range of companies with similar philosophies to join you on the car.

"Do we have room for bigger brands on our cars? Yes we do. But the reality is that we put ourselves in a position where the technology side of our business is providing different dynamics [of revenue]."

McLaren have yet to win a Formula 1 race since Lewis Hamilton's victory in the United States at the end of the 2012 season.