Mercedes and its parent company, Daimler, have denied “unfounded and irresponsible” reports that it is planning to quit Formula 1.

German media outlets Auto Bild and reported that Mercedes was on the cusp of leaving F1 with Daimler keen to trade the team for an increased share in Aston Martin, following the British supercar firm’s appointment of ex-AMG boss Tobias Moers.

It was also claimed that Toto Wolff would withdraw from his role as Mercedes team principal at the end of the year when his current contract expires, however Daimler moved to pour cold water over the story.

Is Carlos Sainz the right choice for Ferrari? |

A Daimler statement issued to via Mercedes said: “Speculation regarding a potential withdrawal from Formula 1 continues to be unfounded and irresponsible.

“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 1 as a Mercedes-Benz works team in the years to come, and to do so with our managing partner Toto Wolff.”

It is not the first time Daimler has had to dismiss rumours that Mercedes is preparing to pull out of F1, having previously denied such reports at the beginning of the year.

Speculation regarding Wolff’s future has also been rife in recent months, and ramped up when the Austrian made a personal investment in Aston Martin ahead of its return to the F1 grid in 2021.

Last month Wolff moved to quash suggestions he is considering leaving his position at Mercedes to head up the Aston Martin project, despite his close ties with Racing Point’s billionaire owner and new Aston Martin CEO Lawrence Stroll.