Mercedes Insist Story About £700mn Ineos Takeover & Rebrand Is ‘Made Up’

Ex-F1 team owner Eddie Jordan has claimed that a takeover and rebrand of the Mercedes Formula One team is imminent.

Mercedes F1 team principal Toto Wolff has dismissed a story broken by the Mail on Sunday which claims petrochemical giant Ineos is close to buying a large stake in the team.

Former F1 team owner Eddie Jordan told the British tabloid that the company, which announced a multi-year sponsorship deal with the Mercedes F1 team at the start of 2020, is interested in buying the constructor.

READ: Hamilton Wins Action-Packed Tuscan GP, Albon Takes First F1 Podium

“The ownership of the team is going to be taken over by Sir Jim Ratcliffe and Ineos,” Jordan said, adding that Mercedes with retain a 30-percent stake and Wolff will depart the Brackley-based team.

However, following the inaugural Tuscan Grand Prix, Wolff insisted that the story is “made up” and he will be staying at Mercedes.

“People pick up bits and pieces and construct a story around it. Daimler [Mercedes’ parent company] 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. I have no reason to depart from my shareholding,” Wolff said.

“So [there are] 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,” he added.

Ineos is yet to publicly comment on the rumoured takeover.

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