Enlarge / McLaren’s HQ in Woking, England. That lake provides water used to cool the wind tunnel. The round building next to the lake is where the F1 team is based; the one to the right is the production center where the company builds road cars. (credit: McLaren)

On Wednesday, the Financial Times reported that Apple has been in talks to either buy or invest in McLaren, the UK-based F1 team and supercar maker. The report, which cites three unnamed sources, says that the deal would be worth between $1 billion and $1.5 billion.

Apple’s possible interest in McLaren is not hard to fathom. Beyond the F1 team and those carbon-fiber sports cars, McLaren has a successful consulting business, a wealth of engineering expertise, and a hefty patent portfolio. What’s more, Apple is sitting on quite a lot of cash (although much of it is tied up), and since McLaren is not based in the UK, Apple would presumably not need to first repatriate—and therefore pay tax on—those funds.

But we’re not sure there’s any smoke to this fire. According to the FT, “Apple’s interest in the Woking-based company centres on its technology, engineering prowess and patent portfolio, according to people briefed on the talks. However, those people cautioned that it was unclear if a deal would go ahead following a recent shift in Apple’s car strategy.”