F1 News: Mercedes denies deal with Ineos ‘close to splitting’ (Update)

(GMM) Toto Wolff has added his own denial to reports the Mercedes F1 team is losing the backing of major chemicals sponsor Ineos.

Editor’s Note: At Ineos Group, the debt pile is expected to climb to almost $12.6 billion this year, according to Fitch, or more than five times its earnings.

In 2024, the press release heralding the launch of the last Mercedes Lewis Hamilton would race mentioned billionaire Sir Jim Ratcliffe’s Ineos brand twice.

“The livery,” read the 2024 statement, “truly reflects who we are as a team with the distinctive colors of Ineos and Petronas providing important highlights.

“The distinguished Ineos ‘Toto Rosso’ red features predominantly on the rear-wing and roll hoop in a nod to Ineos Sport, with Petronas green providing a dynamic flow across the car,” it added.

However, when Mercedes’ 2025 livery and car were launched over the past few days, the prominent red branding is now gone – with any mention of Ineos at all hard to find on the new machine.

Just prior to the launch, the Telegraph newspaper suggested Ratcliffe and Wolff have been at odds over the winter, even though Ratcliffe remains a 30 percent team owner for now.

Wolff, also with 30 percent, denies he and Mercedes have been working behind the scenes to secure financing to buy Ratcliffe out amid reported debt problems for Ineos.

“Never a consideration,” the Austrian insists.

“Jim Ratcliffe is one of the 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,” Wolff added.

When asked for an official comment, a Mercedes spokesman said: “There have been no discussions at any point of a shareholder change and sponsorship with Ineos is ongoing and stable.”

Sportico’s November 2024 rankings estimated the value of Mercedes’ F1 team at almost $4 billion, valuing Ratcliffe’s stake at well over $1bn.

(GMM) Mercedes’ Formula 1 team has denied it could be about to lose its one-third owner and major sponsor Ineos.

The Telegraph newspaper reports that Toto Wolff was at odds with fellow one-third team owner Sir Jim Ratcliffe, founder and CEO of the chemicals company, last year.

Correspondent Tom Cary said they “came close to splitting”.

The revelation comes hot on the heels of the public debut of Mercedes’ new livery for 2025 – with Ineos branding now very difficult to spot.

Blick newspaper correspondent Roger Benoit, one of the most respected journalists in the Formula 1 paddock, is similarly reporting that Ineos “is said to have a mountain of debt amounting to several billion”.

A team spokesperson, however, insists that Mercedes’ relationship with Ineos is “ongoing and stable”, and that the partnership is “not in question”.

But there is no denying that the red airbox ‘Ineos’ branding that was still present on Mercedes’ 2024 car for Lewis Hamilton’s final race for the team in Abu Dhabi last year is now completely blank and painted gray on the ’25 livery.

Ineos and Ratcliffe, 72, are yet to comment.