Toto Wolff rubbishes rumours of Ineos buy-out09/14/2020
Daimler has “no intent” of selling its Mercedes Formula 1 team and “nothing is going to change that” says Toto Wolff.
Although Mercedes signed the new Concorde Agreement, committing the team’s future to Formula 1 until 2025, rumours of a possible sale have continued.
The latest, spearheaded by former team boss Eddie Jordan, claimed title sponsor Ineos was planning a $700 million bid for the team.
According to the Irishman, Mercedes and Ineos were close to agreeing terms.
“The ownership of the team is going to be taken over by Sir Jim Ratcliffe and Ineos,” Jordan told the Daily Mail.
“The Ineos name is already on the side of the car anyway and they have this technological partnership so this is a nice way out for Mercedes.
“The team will be called Ineos but it will still be run from the factory in Brackley and Mercedes will retain a 30 per cent share in it.
“It will not be known as Mercedes any more and Toto Wolff, the team principal, will no longer be in charge.
“It has become difficult for them. How can they keep winning? How can they improve on what they have already done? They can’t.
“Toto’s reputation as one of the great team leaders in the history of the sport is already secure. What he has achieved at Mercedes puts him in the same league as Ron Dennis at McLaren and Jean Todt at Ferrari but all good things come to an end.”
Wolff, however, says there is no truth to the report.
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“People pick up bits and pieces and construct a story around it,” the Mercedes motorsport boss told Reuters.
“Daimler has no intent in giving up the team and Ineos has no interest in buying a majority of the team and calling it like this and I have no reason to depart from my shareholding. So plenty of things that are made up.
“The future of the team is absolutely clear. It’s the Mercedes AMG Petronas F1 team and nothing is going to change that.”
Ineos, one of the world’s largest chemical producers, teamed up with Mercedes at the start of this year, signing a five-year $100m deal with the reigning World Champions.
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