Ineos claimed to be close to £700m bid to buy Mercedes
LEWIS HAMILTON’S Mercedes Formula One team are close to signing a £700million deal that will see it sold to chemicals giant Ineos and Britain’s richest man, Jim Ratcliffe, it was claimed last night.
Ineos, who reached a £100m sponsorship agreement with Mercedes at the start of the season, bought cycling’s former
Team Sky last year.
The company, who also own French football club Nice and are funding Ben Ainslie’s America’s Cup yachting challenge, have agreed to buy a
70 per cent share in the German team, according to former F1 team boss Eddie Jordan and another source close to the deal.
The investment would mark billionaire Ratcliffe’s most significant foray yet into sport and would likely mean that Mercedes team principal Toto Wolff, who is expected to sell his 30 per cent stake to Ineos, moves into a new advisory role.
Mercedes have consistently denied rumours that they are planning to sell a controlling interest in the team and their stance did not change yesterday.
They still insist the team will continue to be called Mercedes next season and the season afterwards. ‘We ask for your understanding that we don’t comment on rumour and speculation,’ the team said yesterday in response to the claims. ‘The ownership of the team is going to be taken over by Sir Jim Ratcliffe and Ineos,’ said 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 per cent share in it.
‘It will not be known as Mercedes any more and Toto Wolff, the team principal, will no longer be in charge.’
Meanwhile, Lewis Hamilton put his car on pole for the 95th time before admitting he is braced for one of the most physically demanding races of his life in today’s Tuscan Grand Prix.
Hamilton beat Valtteri Bottas in the other Mercedes by just 0.059 seconds on Formula One’s first foray to Mugello to take the seventh pole of a campaign which is set to earn the Briton a record-equalling seventh world title.
Ferrari’s test track is being used this weekend as a one-off to commemorate the Italian team’s 1,000th Grand Prix. It has been a miserable year for the Scuderia but they will take some joy in Charles Leclerc starting fifth.