BAKU: Saudi billionaire Mansour Ojjeh, a major force behind the McLaren team’s success in Formula One, has died aged 68, the British team announced on Sunday.
Born in Paris, Ojjeh bought into McLaren in 1984 and with former partner Ron Dennis established it as one of the major forces in F1.
“It is with deep sadness that McLaren Racing announces the death of Mansour Ojjeh, shareholder of McLaren since 1984,” McLaren announced ahead of Sunday’s Azerbaijan Grand Prix.
“Mr Ojjeh passed away peacefully this morning in Geneva, aged 68, surrounded by his family, to whom the team sends its most heartfelt condolences.”
McLaren chief executive Zak Brown said his death “had devastated everyone” at the team.
“Mansour has been etched into the heart and soul of this team for nearly 40 years and was intrinsic to its success,” Brown added.
“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.”
With Mansour on board McLaren won seven of their eight constructors world titles since 1984 and 10 of their 12 drivers’ crowns.
Lewis Hamilton, who won the first of his seven world titles at McLaren, said before the start of Sunday’s grand prix in Baku: “I carry a heavy heart into the race after the loss of a close friend, Mansour Ojjeh.
“He had the biggest heart and always carried the biggest smile. I am so grateful to have known such a man. This man loved unconditionally. Rest in peace brother, love you always.”
McLaren ‘devastated’ by death of Saudi stakeholder Mansour Ojjeh
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McLaren ‘devastated’ by death of Saudi stakeholder Mansour Ojjeh
- Born in Paris, Ojjeh bought into McLaren in 1984 and with former partner Ron Dennis established it as one of the major forces in F1
Silver crosses $77 mark while gold, platinum stretch record highs
- Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
- Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years
Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.
Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation as a US critical mineral, and strong investment inflows.
Spot gold was up 1.2% at $4,531.41 per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Markets are anticipating two rate cuts in 2026, with the first likely around mid-year amid speculation that US President Donald Trump could name a dovish Fed chair, reinforcing expectations for a more accommodative monetary stance.
The US dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.
On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.
“$80 in silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next year,” Grant added.
Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.
On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.
Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.
All precious metals logged weekly gains, with platinum recording its strongest weekly rise on record.
