Despite reducing its stake in the Mercedes F1 team, Daimler boss, Ola Kallenius insists his company is in the sport for the "long-term".

Following Mercedes little social media teaser on Thursday, when the German team posted a picture tribute to Lewis Hamilton along with the words "announce" and "soon", this morning's revealing that INEOS has taken a one-third stake in the team wasn't the 'announce' many had been hoping for.

While INEOS takes a one-third stake, in order to ensure that all three parties – INEOS, Daimler and Toto Wolff - are equal, the Austrian is increasing his shareholding while the German manufacturer reduces its stake.

Nonetheless, Daimler boss, Ola Kallenius insists that his company is in the sport for the "long-term".

"The Mercedes brand was born on the race track so it is in our DNA," he says. "We live and breathe motorsports, we're in it for the long-term, Formula 1 being the highest form of motorsports is where we need to be.

"Our commitment to the sport is strong," he continued, "and with this partnership with INEOS we can develop it even further.

"We're now taking our F1 engagement to the next level, it's really turning into a sports franchise and we want to build the value of this franchise with an even bigger fan-base.

"INEOS is a technology company, passionate about innovation, so are we, they are engaged in other sports on the highest level so they understand this world of being in the top echelon of sports."

Despite claims that he and Wolff do not see eye-to-eye, some senior management at Daimler concerned at the Austrian's increasing influence in the sport not to mention his involvement with rival teams, Kallenius paid tribute to the man who will remain at the helm for at least three more years.

"What Toto and the team has achieved is unbelievable, seven world championships, Lewis' seventh world championship," he said.

"To have him continuing is reassuring, he is not only a team boss and business partner, he is part of the Mercedes family."