Mercedes billionaire owner dragged to court by New Zealand's Iconic 'All Blacks' rugby team

Mercedes F1 billionaire co-owner, Jim Ratcliffe, is being sued by the New Zealand 'All Blacks' Rugby team for breaking a sponsorship agreement. The Brit has made his fortune by being the owner of the chemical group, INEOS, since 1988.

Under the INEOS umbrella, the 72-year-old invested in different sectors and co-owns sports teams. In 2020, Ratcliffe, who is the second richest person in the UK and boasts a net worth of $15.7 billion (as per Forbes), became the principal partner of the German team after signing a five-year agreement.

In late 2024, Ratcliffe became a minority stakeholder of the iconic Manchester United FC in his bid to revive the fortunes of the Premier League giants. Jim Ratcliffe and INEOS signed a six-year sponsorship agreement with the legendary New Zealand 'All Blacks' Rugby team in 2021 in a deal worth NZ$8 million (£3.65 million) a year to New Zealand Rugby.

But after pulling out of the America's Cup last month, the All Blacks filed for legal proceedings against the INEOS group as they broke off the deal three years before its original conclusion. In their statement to Telegraaf, the Rugby team said:

“New Zealand Rugby is disappointed that INEOS has breached its sponsorship agreement. Most recently, it failed to pay the first installment of the 2025 sponsorship fee, confirming its decision to exit our six-year agreement.

“Having learned of Ineos’s decision to walk away three years early, we have moved to protect the interests of New Zealand Rugby and the wider game. We have been left with no option but to launch legal proceedings to protect our commercial position."

In F1, INEOS is the one-third owner of the Mercedes F1 team alongside Toto Wolff and Daimler.

Mercedes team boss gives his opinion on bringing Adidas on board after Lewis Hamilton's exit

Mercedes team principal Toto Wolff stated that there was no hangover effect of Lewis Hamilton's exit from the team after it announced Adidas, as a partner for its team apparel after ending ties with Puma and Tommy Hilfiger.

Speaking with Sky Sports, the Austrian spoke about the German giants' entry at the pinnacle of motorsport and said:

“It doesn’t get much better (than Adidas) in terms of iconic brands in the field of sport. It’s a testament to the trust that this team has going forward. When I discussed Lewis going and Kimi coming with the CEO, he said: ‘This is so exciting. Let’s go on to the next generation!’"

Mercedes has replaced Lewis Hamilton with Kimi Antonelli for the 2025 season but the young Italian and George Russell's contract with the Brackley-based outfit expires at the end of the 2025 season.

However, it is widely expected that they will sign contract renewals during the course of the 2025 season.