Wolff To Leave Mercedes After £700mn Ineos Takeover & Rebrand – Reports

Multi-national chemicals producer Ineos will reportedly acquire a 70-percent stake in the Mercedes F1 team for £700 million.

The Mercedes Formula One team is set to be rebranded, with chemicals giant Ineos reportedly agreeing to purchase a majority stake in the Brackley-based constructor for £700 million.

Specifically, according to ex-F1 team owner Eddie Jordan, Ineos will purchase a 70-percent stake in the Mercedes F1 team.

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Jordan also claims that team principal Toto Wolff, who has been linked with a move to Aston Martin Racing in 2021, will leave the team following the takeover and rebrand.

“The ownership of the team is going to be taken over by Sir Jim Ratcliffe and Ineos,” Jordan told the Daily Mail on Sunday.

Ahead of the 2020 Formula One season, Mercedes announced a lucrative sponsorship deal with Ineos, as noted by Jordan.

“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 percent share in it.

“It will not be known as Mercedes anymore and Toto Wolff, the team principal, will no longer be in charge.”

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Continuing, he said: “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.”

Mercedes have dominated the V6 turbo hybrid era of Formula One, and there’s yet to be any indication from Daimler that they plan on reducing their involvement in the sport.

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