Mercedes have responded to reports that they are looking to buy out INEOS and Sir Jim Ratcliffe's one-third stake in the F1 team.
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Article continues below
Article continues below
- Mercedes respond to INEOS rumours
- Report suggests Ratcliffe could leave team
- Comes amid cuts across various teams
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WHAT HAPPENED?
A Mercedes spokesperson has claimed the ongoing investment and sponsorship deal is stable, after a report in that the Manchester United minority owner could be relieved of his shares. INEOS' sponsorship of Mercedes cars may be less prominent during the 2025 season, however.
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THE BIGGER PICTURE
INEOS' sponsorship was reportedly in jeopardy as the company face the prospect of cutbacks across their sporting portfolio. They face legal action from New Zealand Rugby after being accused of failing to pay the first instalment of their 2025 sponsorship fee, while their split from Ben Ainslie's America's Cup team is now also the subject of legal proceedings. There is also unrest at United amid redundancies and rising ticket prices.
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WHAT MERCEDES SAID
A Mercedes spokesperson told : "There is no truth in the story. There have been no discussions at any point of a shareholder change and sponsorship with INEOS is ongoing and stable."
- AFP
WHAT NEXT FOR INEOS?
The same report suggested that the tightening of the financial purse strings is likely to continue at INEOS. Two leading credit ratings agencies recently raised red flags over the group, suggesting that the business had racked up debts five or six times larger than their annual earnings.
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