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Wolff dismisses Ineos buy-out claim

NEWS STORY
14/09/2020

Mercedes team boss, Toto Wolff has dismissed media reports that British Petrochemical giant Ineos is to launch a 700m buy-out of the German team.

The reports follow a story in the Mail on Sunday, which quotes former team owner turned TV pundit, Eddie Jordan, as saying that Ineos would buy 70% of the team, leaving Daimler with the remaining 30%. In the process, the company would buy half of Daimler's current stake (60%), all of Wolff's (30%) and the 10% held by the estate of the late Niki Lauda.

"People pick up bits and pieces and construct a story around it," Wolff told reporters at Mugello.

"Daimler has no intent in giving up the team and Ineos has no interest in buying a majority of the team," he continued, "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," he added. "It's the Mercedes AMG Petronas F1 team and nothing is going to change that."

Check out our Sunday gallery from Mugello, here.

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1. Posted by Prime minster, 14/09/2020 19:31 (moderated by an Adminstrator, 14/09/2020 19:34)

"This comment was removed by an administrator as it was judged to have broken the site's posting rules and etiquette."

Rating: Neutral (0)

2. Posted by Prime minster, 14/09/2020 19:31 (moderated by an Adminstrator, 14/09/2020 19:34)

"This comment was removed by an administrator as it was judged to have broken the site's posting rules and etiquette."

Rating: Neutral (0)

3. Posted by Italian Job, 14/09/2020 10:26

"That's a careful denial by Toto - I guess that he has discussed this with Jim Ratcliffe?

In other words, just what size of minority holding will ineos go for?"

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