Speculation about Mercedes exit from F1 ‘unfounded and irresponsible'
World champions Mercedes have moved to reiterate their commitment to Formula 1 in the wake of speculation in Germany suggesting there was a plan to sell the team to Racing Point and Aston Martin owner Lawrence Stroll…
It comes just days after Formula 1 announced sweeping changes to the regulations from 2021 onwards, which includes the introduction of a cost cap to help ensure the 10 teams that race in F1 can become sustainable businesses in the long term and compete on a level-playing field.
The Silver Arrows, who like all teams have a bi-lateral contract to compete in F1 up until the end of the current campaign, also said the plan is to continue with Toto Wolff involved in the team, following speculation Wolff had decided to step down from his role.
Daimler, the parent company of Mercedes, said in a statement: “Speculation regarding a potential withdrawal from Formula 1 continues to be unfounded and irresponsible.
It is our clear intention to continue competing in Formula 1 as a Mercedes-Benz works team in the years to come, and to do so with our managing partner Toto Wolff
“The sport has taken the right measures to address the consequences of the Covid-19 pandemic and its future financial sustainability, and we welcome these steps.
“It is our clear intention to continue competing in Formula 1 as a Mercedes-Benz works team in the years to come, and to do so with our managing partner Toto Wolff.”
It is believed that while Mercedes and Wolff are set to continue together, it does not mean he will be in the exact role he currently fulfils with the structure set to evolve. Nonetheless, the board intend him to continue to lead the team beyond the end of the current campaign.