Amidst a new Formula One season filled with launches, driver swaps and rumours circulating before testing has even started, Mercedes have once again found them in the hotseat. Following the grid-wide launch event at the O2 in London a few days ago, Mercedes unveiled their car with one notable sponsor missing: the famous red INEOS duct has disappeared.
INEOS, who owns one third of Mercedes’ F1 team, has recently cut down on their investments in sports, citing financial hardships. This is not only the case for their F1 team as it seems, but for teams like Manchester United, where the lack of investment and poor play has seen them tank for the Premier League order. Hundreds of employees have lost their jobs as well thanks to cutbacks.
INEOS and Mercedes F1 continuing to work together, says Wolff
With this trend plaguing the company, Toto Wolff, team principal of Mercedes F1 and also one third owner of the team was asked if there were plans for INEOS and its CEO Sir Jim Ratcliffe to sell their shares. Wolff immediately put those plans to rest:
“[It was] never a consideration,” said Wolff at a media engagement ahead of F1 75.
“Jim Ratcliffe is one of us three amigos – Mercedes, Jim and I. We are never going to part ways. He’s been a great sponsor. We have had projects together. Nothing you read in the news will change anything.”
While Ratcliffe and Wolfe both own one third of the team, Mercedes-Benz owns the other third. Another Mercedes spokesperson reiterated that there are no plans for INEOS to sell their stake in the team:
“There have been no discussions at any point of a shareholder change and sponsorship with Ineos is ongoing and stable.”
The season ahead on track for Mercedes F1
Regardless of the INEOS controversy, this will be the first time since 2013 that they will be racing with a lineup that no longer includes Lewis Hamilton. With rookie Kimi Antonelli set to take his spot, Wolff is excited to get the season rolling, since this off-season seems to have taken a long time.
“We are excited. It seems like such a long time that we haven’t raced,” said Wolff.
“Finally, [we get] to see whether we have improved the car and have the weekends like we had in Las Vegas, whether we can have more.
“Mercedes has a long history in motorsport and it’s an unbelievable honour to carry that baton forward. We start to write the next chapter in our story this year with George and Kimi, and we’re excited to get going.”
