Mercedes F1 team signal future intent with Ineos deal

SHOWS: LONDON, ENGLAND, UNITED KINGDOM (FEBRUARY 2, 2020) (REUTERS - ACCESS ALL) 1.

(SOUNDBITE) (English) MERCEDES-AMG PETRONAS F1 TEAM CEO, TOTO WOLFF, SAYING: (TALKING ABOUT MERCEDE'S FUTURE INVOLVEMENT IN FORMULA ONE - THE INEOS AGREEMENT IS A FIVE-YEAR DEAL BUT THEIR CONTRACT WITH F1 BEYOND 2020 IS YET TO BE RENEWED) "We are in this for the long term.

Mercedes provides a great marketing platform for our brand.

This is what we do; we build race cars and we build road cars.

"Formula One is the halo platform for hybrid engineering - something which is not communicated enough because it was talked down at the beginning of the V6 hybrid era and it's something we should really put more emphasis on and in that respect with all those things that are out in the media we like the platform but at the same time we are in negotiations with the rightsholders and things need to be sorted out but the partnership is something that clearly indicates our wish to continue our successful journey in Formula One." 2.

WHITE FLASH 3.

(SOUNDBITE) (English) INEOS CHAIRMAN, JIM RATCLIFFE, SAYING: "We do have a genuine passion for sport; sort of evidenced by some of the other sports we're involved in and Formula One is one of the world's most exciting sports, evidenced I suppose by the fact more people watch Formula One than pretty much anything else." STORY: Formula One champions Mercedes sent a statement of intent about their future on Monday (February 10) with the announcement of a five-year principal sponsorship deal with British billionaire Jim Ratcliffe's petrochemicals giant Ineos.

Mercedes F1 boss Toto Wolff hailed a new chapter for a team who have won the last six drivers' and manufacturers' titles with Lewis Hamilton chasing his seventh career crown this season.

Formula One is entering a new era in 2021 and the teams, including Mercedes, have yet to sign a new agreement with U.S.-based commercial rights holders Liberty Media beyond this year, with some evident sticking points.

Despite that, Wolff -- a shareholder in the team -- sounded optimistic.

"We are in this for the long term," Wolff told reporters at a news conference at London's Royal Automobile Club.

"We like the platform but at the same time we are in negotiations with the rights holders and things need to be sorted out.

"But the partnership is clearly something that indicates our wish to continue our successful journey in Formula One," added the Austrian.

The Ineos principal partnership is one rung below title sponsorship, with Petronas filling that role at Mercedes, and represents the latest sporting investment by a company already involved in running, sailing, cycling and soccer.

Mercedes already had a 'performance partnership' with the company, working with the Team Ineos cycling outfit and Olympic yachtsman Ben Ainslie's INEOS TEAM UK in a challenge for sailing's America's Cup in 2021.

(Production: Will Russell, Tim Hart)