F1 | Wolff diminishes rumours of potential INEOS Mercedes buy-out
The boss of Mercedes F1 Toto Wolff has downplayed the rumours about INEOS becoming an owner of the team.
INEOS, a private-owned UK chemicals company was first announced as a sponsor of the Brackley-based team in December 2019, initially with a new Applied Science division that provides technical support for the company’s cycling and sailing programmes. This February, the partnership between Mercedes F1 and INEOS expanded, as the company became a significant sponsor for the 2020 season.
#WelcomeINEOS 🤝 Introducing our new Principal Partner @INEOS! pic.twitter.com/87z3ABnMrP
— Mercedes-AMG F1 (@MercedesAMGF1) February 10, 2020
Reports and rumours spread over the weekend at Mugello, initiated by former F1 team boss Eddie Jordan, that the next step for INEOS will be to take over the team and rebrand it. However, Toto Wolff was fast to deny such claims.
In a recent interview with motorsport.com, Wolff said: “You know people pick up bits and pieces and construct the story around it. We have a magnificent relationship with INEOS, we work together on several high-tech projects around America's Cup and the cycling team. And the partnership is very complimentary. We have the same ambitions with our sports teams. And that's why INEOS is a partner of ours. Beyond that everything is just speculation. 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.”
He added: “(…)the future of the team is absolutely clear. It's the Mercedes-AMG Petronas F1 team. And nothing is going to change that.”
INEOS programmes, outside of their involvement with Mercedes F1 include the INEOS Grenadiers cycling team as well as the INEOS TEAM UK, a sailing team based in Portsmouth, UK.
Recently there have been many rumours circulating around the presence of Toto Wolff. From him only extending his work with Mercedes till the end of the 2021 season (for now), to having some shares in Aston Martin, to people speculating of him going over to Racing Point, who will be rebranded to an Aston Martin team in season 2021. Can we expect any surprising moves from the current boss of Mercedes AMG F1 in the near future?
