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Daimler backs Mercedes to stay in F1

Getty ImagesMercedes’ parent company Daimler has rejected reports that the German brand could be about to pull out of the Formula One global motorsport series and that Toto Wolff was planning to resign as the racing team's managing partner. At a time when six-time world champion Lewis Hamilton has been discussing a new contract with the Silver Arrows, reports in Germany suggested Wolff might step away from his current role in order to partner with Lawrence Stroll to oversee a buy-out of Mercedes. F1 teams agree to US$145m budget cap from 2021However, a statement from Daimler reaffirmed its commitment to Formula One. 'Speculation regarding a potential withdrawal from Formula One continues to be unfounded and irresponsible,' the statement said. '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 One as a Mercedes-Benz works team in the years to come, and to do so with our managing partner Toto Wolff.

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