Sep.14 (GMM) Toto Wolff has rubbished suggestions Mercedes could be about to be taken over in a sensational $900 million deal by 2020 sponsor Ineos.
Although rumblings about Wolff and the dominant F1 team’s respective futures have been heard throughout the year so far, the latest reports were triggered by comments made by former F1 boss Eddie Jordan.
“Some people grab onto scattered information and write stories based on it,” Wolff said after the race at Mugello.
“We have an excellent relationship with Ineos and we are working together on a number of high-tech projects, but the rest is nothing more than speculation.
“Daimler has no intention of selling the team, and Ineos is not going to acquire a controlling stake in the team and change its name. I also have no reason to give up my share in the team, so this is all fiction,” Wolff insisted.
Nonetheless, the rumours about Wolff’s future in particular are likely to persist, as he has been openly musing about whether he wants to continue as team boss.
Not just that, Lewis Hamilton is yet to agree a 2021 contract.
Told that there is ‘still no clarity’ about his or Hamilton’s futures, Wolff answered: “I will use your own wording to say that regarding the future of the team, there is complete clarity.
“It will remain Mercedes-AMG Petronas, and no changes are expected. As for Lewis, we simply have not had time to discuss everything with these series of three races at a time. But now we do need to somehow get together and talk,” he said.
As for his role at the top of the title-winning team, Wolff added: “It looks like I’m staying, yes. But I don’t know exactly in what role or function.
“I feel very close to the team, but I have to figure out for myself what the coming years will look like. This is not a short term decision.
“After seven or eight years at the head of the team, I have to consider what is the best decision for the team, the employees and my family,” he said.
F1 Changes Starting in 2021 - After many months of discussions and deliberations, Formula 1’s ten teams have now agreed to the terms of the “Concorde Agreement” that binds them to the world championship for another five years.
This agreement is a contract between Formula 1, the FIA governing body and the teams which wish to compete in the F1 World Championship from 2021 to 2025 and defines how F1’s television revenues and prize money will be distributed.
Formula 1 bosses have been keen to build a strong foundation on which to secure the long-term future for the championship. As such a revolutionary new budget cap will be introduced next year, along with new technical regulations and a new set of sporting rules coming in 2022.
The Covid-19 pandemic has created unprecedented challenges for everyone in 2020, and has served as another reminder that something needed to change. Once the championship restarted, so too could the commercial agreement talks.
By changing the way the prize money is distributed, it was inevitable that some teams would be happy – as they would receive a greater share – and others less so, as they would have a smaller slice.
But ultimately, as they have increasingly done in recent months, all the stakeholders found a way to come together and compromise on the document, which they agreed to in time for the early deadline of August 18th – which brought a small financial incentive.
With the 10 teams signed up for the next five years, and the regulations and cost cap defined, Formula 1 can finally embark on a new era. The new agreement also squashes any speculation that teams like Mercedes or Haas might not be around for the long term.
The hope now is that all F1 teams can develop themselves into robust operations financially while also closing the pack in terms of competitiveness that can in turn improve the racing spectacle.
Roll on 2021!