(REUTERS) - Petrochemicals giant Ineos has no interest in taking over Formula One champions Mercedes, team boss Toto Wolff said on Sunday (Sept 13) in response to a media report.

The Mail on Sunday, quoting former F1 team boss Eddie Jordan, reported that British billionaire Jim Ratcliffe's company was close to signing a 700 million pound (US$895 million) deal for the sport's dominant team.

Jordan said the team would be called Ineos with Mercedes retaining a 30% share and Wolff, currently a shareholder, no longer in charge.

"People pick up bits and pieces and construct a story around it," said Wolff when asked about the report at the Tuscan Grand Prix in Italy.

"(Mercedes parent) Daimler has no intent in giving up the team and Ineos has no interest in buying a majority of the team and calling it like this and I have no reason to depart from my shareholding. So plenty of things that are made up.

"The future of the team is absolutely clear. It's the Mercedes AMG Petronas F1 team and nothing is going to change that," added the Austrian.

Mercedes work with Ineos, a principal F1 partner, on a number of high-tech projects around the Americas' Cup yachting and cycling.

Ineos became the owners of Britain's hugely successful Tour de France winning Team Sky last year and changed the name to Team Ineos.

The Ineos principal partnership of Mercedes in F1 is one rung below title sponsorship.