Mercedes says Ineos has no interest in taking over F1 team


© Reuters. Spanish Grand Prix

(Reuters) – Petrochemicals giant Ineos has no interest in taking over Formula One champions Mercedes, team boss Toto Wolff said on Sunday in response to a media report.

The Mail on Sunday, quoting former F1 team boss Eddie Jordan, reported that British billionaire Jim Ratcliffe’s company was close to signing a 700 million pound ($895 million) deal for the sport’s dominant team.

Jordan said the team would be called Ineos with Mercedes retaining a 30% share and Wolff, currently a shareholder, no longer in charge.

“People pick up bits and pieces and construct a story around it,” said Wolff when asked about the report at the Tuscan Grand Prix in Italy.

“(Mercedes parent) 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,” added the Austrian.

Mercedes work with Ineos, a principal F1 partner, on a number of high-tech projects around the Americas’ Cup yachting and cycling.

Ineos became the owners of Britain’s hugely successful Tour de France winning Team Sky last year and changed the name to Team Ineos.

The Ineos principal partnership of Mercedes in F1 is one rung below title sponsorship.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  GM hit 200,000 U.S. electric vehicles sold in 2018: source

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here