Mercedes parent company Daimler has refuted allegations that it will look to begin an exit strategy from Formula 1 after speculation arose when reports in Germany suggested plans were afoot to sell the team to Aston Martin and Lawrence Stroll.
Claims were made that team principal Toto Wolff would step down from his operational role but importantly maintain his 30% stake in the team. Stroll would then take the reigns over Daimler’s shares effectively making the duo majority shareholders of the dominant outfit.
Ultimately, the move would pave a way for the German giant to exit the sport as a factory team, remaining as a power unit supplier but crucially will lessen its financial burden which has plagued the global automotive sector.
Pitlane rivals Renault have also felt the full extent of the economical tidal wave that is Covid-19. Though the French marque have confirmed the team will remain on the grid having axed 15,000 jobs worldwide in a bid to raise $1.8bn.
However, on Friday a spokesperson from Daimler issued a statement stressing the rumours were “unfounded and irresponsible” before adding the manufacturer’s intentions to continue its partnership with F1 and Wolff.
“Speculation regarding a potential withdrawal from Formula 1 continues to be unfounded and irresponsible,” read the statement.
“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.”
Earlier in the year, Wolff invested a significant sum into Aston Martin, fuelling rumours for a takeover with Stroll. But the Austrian hosed down any hearsay, admitting the investment was solely for personal interests.