Mercedes father or mother firm Daimler has confirmed it by no means thought-about withdrawing from Method One, regardless of rumours earlier this yr that it was weighing up its choices.

On Friday, Mercedes introduced that chemical firm Ineos had bought a third of its F1 team, bringing a few new possession construction. Daimler lowered its shareholding within the staff from 60 to 33.3 %, however the staff will proceed to be run underneath the Mercedes title.

The announcement ended months of hypothesis about the way forward for Mercedes in F1 in addition to its staff principal, Toto Wolff, who now owns 33.3 % of the staff and has dedicated to an extra three years in his position.

Throughout a web based press convention, Daimler chairman Ola Okayällenius stated the board had by no means thought-about an entire withdrawal from the game however did want the way forward for the staff to hit 4 key targets.

“I do know there was some hypothesis within the press, however we by no means significantly thought-about pulling out as a result of it is such a robust a part of our heritage and we now have a model that was actually born on the race observe,” Okayällenius stated.

“However we did ask ourselves on the board, what are the pillars that make up [our participation in] Method One past the emotional connection to the game and the way can we have a look at it from a rational viewpoint? We got here up with 4 pillars that that you must reply, in our view, with a sure.

“The primary is how is the present? Is the present good? And what in regards to the fan base?

“What we now have seen notably seen within the newest yr, notably by way of social media, is an explosion within the attain and one of the best information is the youthful followers are coming — so the 15 to 30 years previous — by way of e-sports and thru social media and thru a terrific present — I do not know a motorsport spectacle that’s higher than Method One. In order that was query primary answered with a sure.

“Two is that we now have made a really clear dedication as Daimler and Mercedes to enter a CO2 impartial future. We now have an ambition for 2039, we need to obtain a CO2 impartial place in three product life cycles, so inside 20 years.

“There must be a reputable path in direction of sustainable motorsport as effectively and I’ve spoken to Greg Maffei [president of F1 parent company Liberty Media] about this, who very a lot agrees with it.

“We put out a manifesto to the staff earlier this yr of how we’re going to take the Mercedes Method One staff in direction of CO2 neutrality, and expertise is a crucial a part of that.

“It is a hybrid method already as we speak, I can see {the electrical} piece of it rising and I can see it as a testing floor for decrease carbon and no-carbon fuels that may play some position on the earth going carbon impartial finally. So are you able to credibly make the game sustainable? I consider sure, and we’re dedicated to it.

“The third factor was monetary sustainability. The price cap [in F1’s 2021 regulations] helps, we have been an advocate for it, and it makes the financial proposition higher, so I feel we’re ticking that field as effectively.

“And the fourth one is, does it all the time need to be a price centre and may or not it’s a sports activities franchise like a soccer membership of an NFL staff? We are able to see now that persons are beginning to take a look at this extra like sport franchises.

“Getting a terrific and robust, skilled accomplice that is aware of skilled like Ineos into the image, the truth that somebody like Jim made the choice to hitch forces with us reinforces the fourth pillar and with these 4 pillars, to me the choice is evident, we’re in.”

Okayällenius defined that the F1 staff might begin to flip a revenue for Mercedes now {that a} $145 million price range cap has been launched for 2021, however admitted engine improvement, which stays outdoors the cap, stays costly.

“The economical proposition of Method One is enhancing and with the price cap coming in, turning the staff into one thing that may begin producing cashflow relatively than consuming cashflow may be very actual. It feels tangible.

“On the facility unit aspect that’s not but the case. Mercedes has been one of many drivers, even when we’re one of many large groups from a development viewpoint and with an even bigger price range, we’re one of many ones that has stated let’s keep wise.

“I’ve additionally been an lively advocate of lowering value and holding issues wise. We’re not but at a cashflow optimistic or zero from an total viewpoint, however should you have a look at the media worth and technical worth that we get out of this sport, and I have a look at how little we spend internet, it’s already as we speak a really engaging proposition and it’ll get higher nonetheless.”