According to reports,petrochemical giant Ineos has bid £700million to buy 70% stakes in the Mercedes F1 team. Earlier this year, Ineos, one of the largest chemical producers teamed up with Mercedes in a five-year deal.
Quoting former F1 boss Eddie Jordan, the Daily Mail said,” “The ownership of the team is going to be taken over by Sir Jim Ratcliffe and Ineos.”
“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 anymore and Toto Wolff, the team principal, will no longer be in charge.”
Interestingly, Mercedes has constantly denied rumours about the takeover. Infact, team principal Toto Wolff recently stated,” “People pick up bits and pieces and construct a story around it.”
“(Mercedes’ parent company) 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.”
Despite Toto rubbishing the reports, rumour mills are abuzz that Daimler feels there is nothing more to achieve in Formula One. Eddie Jordan, however did add,” “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.”
Prior to the delayed start of the 2020 season due to coronavirus, the team said in a statement that it is “our clear intention to continue competing in Formula 1 as a Mercedes-Benz works team in the years to come, and to do so with our managing partner, Toto Wolff.”
Mercedes has since signed a new Concorde Agreement, committing its future to Formula 1 from 2021 to 2025.
That, though, doesn’t guarantee that the team will continue under its current ownership. Let’s wait and see how this pans out.
