BREAKING: Wolff, Ineos and Mercedes become equal partners in Formula 1 team
BREAKING: Wolff, Ineos and Mercedes become equal partners in Formula 1 team
Toto Wolff and INEOS have increased their stake in the Mercedes Formula 1 team to become equal partners alongside parent company Daimler.
INEOS, under the leadership of billionaire entrepreneur Sir Jim Ratcliffe, became a principal partner to the team earlier this year.
Ratcliffe has now taken up a 33.33% shareholding, with Daimler reducing its stake to that level from its previous 60%, and Wolff increasing from his former holding of 30%.
The team will remain the works F1 team of Mercedes-Benz and will continue to race Mercedes chassis and power units in the coming years. Under the new shareholding structure, Wolff will continue in his role as team principal and CEO for a further three years, leading the executive operations of the company and the racing team.
The Austrian will have the subsequent opportunity to transition to a new executive function within the organisation when he decides it is the right time to do so.
Ola Källenius, chairman of the board of management of Daimler AG and Mercedes-Benz AG, said: "We are delighted to welcome INEOS to our Formula One joint venture as a fellow shareholder.
"It is a sign of the strength of the organisation in Brackley that we have been able to attract prestigious investors in INEOS, who see real potential for the future growth and development of the team.
"We remain firmly committed to Formula One, and the forthcoming cost cap, along with the new shareholding structure, put us in an even stronger position for continued success.
"With an even closer alignment to our Mercedes-AMG performance division beginning in 2021, and Toto's continued leadership in the coming years, the future is bright for Mercedes-Benz in Formula One."
Ratcliffe, who felt the opportunity was right for the increased investment, said: "Big challenges are a core part of our mindset at INEOS and our involvement across a number of different sports demonstrates that we always aim for the very best.
"When we entered Formula One earlier this year, we chose to do so with a Mercedes team that had set new benchmarks, and since then we have been in discussions about how we could increase our involvement.
"This is a unique opportunity to make a financial investment in a team at the very top of its game, but which still has rich potential to grow in the future.
"We could not wish for better partners than Mercedes-Benz, and a team of proven winners led by Toto."
Wolff's future had been speculated upon for some, and even he suggested he would likely dilute his role given the commitment required to attending F1 races.
In light of the announcement, Wolff said: "I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. This team is like a family for me.
"We have been through so many highs and lows together that I cannot imagine working with a better group of people in this sport - and I am very happy to continue together into this new era.
"This new investment from INEOS confirms that the business case for the Formula One teams is robust and sends an important signal of confidence in the sport after a challenging year
"I am excited to welcome Jim, Andy and John to the team as co-owners: they have built one of the most profitable companies in the world, they embody the true spirit of entrepreneurship and their expertise will strengthen our board in the years ahead.
"In parallel, it is a privilege to continue my partnership with Ola, Markus Schäfer and Mercedes-Benz for the coming years.
"We are proud to have added to the brand's prestigious motorsport heritage since 2010 and we share the ambition to grow the organisation further in the years to come."
Related
Change your timezone:
Latest News
Hamilton fired serious warning by Wolff as F1 star takes aim at controversial FIA decision - GPFans F1 Recap
- 5 minutes ago
F1's quirkiest star begins selling ICE CREAM in latest venture
- 1 hour ago
F1 colleagues UNFOLLOW each other as internal drama cranks up
- 2 hours ago
Hamilton 'emotional burden' heading into 2024 season revealed
- 2 hours ago
Marko DIRECTLY addresses Verstappen quit rumours
- 3 hours ago
Vettel CONFIRMS F1 comeback and reveals what's holding it up
- Yesterday 19:42
- 1
F1 Race Calendar
-
GP BAHRAIN
29 Feb - 2 Mar
Max Verstappen
-
GP SAUDI ARABIA
7 - 9 Mar
Max Verstappen
-
GP AUSTRALIA
22 - 24 Mar
Carlos Sainz
- GP JAPAN 5 - 7 Apr
- GP CHINA 19 - 21 Apr
- GP USA 3 - 6 May
- GP ITALY 17 - 19 May
- GP MONACO 24 - 26 May
Related news
F1 pundit SLAMS Mercedes as Hamilton woes continue
Hamilton labelled 'best that's ever walked the earth' after INCREDIBLE display
F1 team SAVED Russell from major injuries after horror crash
Mercedes F1 star will 'MISS' Japanese Grand Prix
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860