Toto Wolff sees bright Mercedes F1 future with Ineos

EDITORS PLEASE NOTE: BROLL FOR THIS STORY CAN BE FOUND IN EDIT 5119

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1. (SOUNDBITE) (English) MERCEDES F1 TEAM PRINCIPAL, TOTO WOLFF, SAYING ABOUT THE PARTNERSHIP WITH INEOS:

"Ineos is not only a very successful company, very profitable, but they are being led by a very entrepreneurial mindset. It's fast. It's about taking the right opportunity at the right time, and they have very tremendous experience in the world of sport, so I think we can nurture each other."

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3. (SOUNDBITE) (English) MERCEDES F1 TEAM PRINCIPAL, TOTO WOLFF, SAYING ABOUT COMMITTING HIS FUTURE TO THE MERCEDES F1 TEAM:

"I was always committed to Mercedes. I can't imagine myself being involved in Formula One or any other car company. We have just grown together. It's the connection that I made in the team. But also within Daimler and the Daimler board. Ola and myself - we've known each other more than ten years and I think over such a long period of time you start to trust each other."

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5. (SOUNDBITE) (English) INEOS CHAIRMAN, JIM RATCLIFFE, SAYING ABOUT WHY INEOS PARTNERED WITH MERCEDES F1:

"Well, I think that's quite simple. We have a passion for sport, I suppose that's fairly obvious from the investments we have in cycling and football and the America's Cup, but clearly this is one of the finest sports teams in the world and it's been one of the most successful sports teams in the world. It's a sport that we in Ineos we enjoy. And, you know, it's nice to partner with people who have been so successful."

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7. (SOUNDBITE) (English) INEOS CHAIRMAN, JIM RATCLIFFE, SAYING ABOUT WHAT INEOS CAN BRING TO MERCEDES F1 TEAM:

"Well, Toto doesn't have to worry about his role in the team. But I think in terms of our involvement in terms of day to day, I mean, we do get involved to a degree in our three other primary sports. You know, we do have quite a lot of technology in Ineos, there maybe things that we can help with. That said, you know, the combination of Mercedes and Toto has been extremely successful to date with seven world championships. Well, we just won, so that was a really good experience."

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9. (SOUNDBITE) (English) DAIMLER CHAIRMAN, OLA KALLENIUS, SAYING ABOUT INEOS PARTNERSHIP:

"Ineos is the perfect partner company for us. They're a technology company. They're passionate about innovation - so are we. They are engaged with other sports on the highest level. So, they understand this world of being in the top echelon of sports and that's why they're the perfect partner for us."

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11. (SOUNDBITE) (English) DAIMLER CHAIRMAN, OLA KALLENIUS, SAYING ABOUT TOTO WOLFF STAYING WITH MERCEDES:

"What Toto and the team has achieved over the last ten years of so is unbelievable. Seven world championships. Lewis Hamilton's seventh world championship in this season, so to have him on board and continuing with us is reassuring. He's not just a team boss and business partner, he's part of the Mercedes family."

STORY: Mercedes F1 team principal and chief executive Toto Wolff said he was happy to see the partnership announcement with Ineos group.

Wolff said the two companies can 'nurture' each other and that the tie-up came at the 'right time'.

His comments come after the world champions Mercedes Formula One team announced Friday (December 18) that petrochemicals giant Ineos had acquired a one third stake in the team.

The company, already a principal partner of the team, will become an equal stakeholder with parent company Daimler, which is reducing its shareholding from 60%.

Wolff will continue in his role for another three years, saying he couldn't imagine himself involved with another Formula One team or car company.

The team will continue to race as the works Formula One team of Mercedes-Benz, the statement added.

Ineos chairman Jim Ratcliffe praised the work done by Wolff and Mercedes over the last decade and said that Ineos could potentially help out with technology development.

Ineos are heavily involved in numerous sports, including French football side Nice, the America's Cup and Chris Froome's Tour de France Team Ineos.

(Production: Francis Maguire)