Toto Wolff has been confirmed as Mercedes Team Principal for further three years, the German manufacturer announced it today. The team's main sponsor INEOS has bought one third of the team.
Mercedes have announced today that the chemicals company INEOS has become a one-third shareholder in the Mercedes Formula 1 team. The British multinational chemicals company joined the Anglo-German squad at the beginning of 2020.
The deal will see Daimler’s shareholding decrease from its current 60% and Wolff’s shareholding increase in order to create three equal partners in the company.
Chairman of INEOS, Sir Jim Ratcliffe said that „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.”
Despite the change to the shareholding structure of the team, the Brackley-based outfit will remain the works Formula One team of Mercedes-Benz and will continue to race Mercedes chassis and power units in the coming years.
Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG considers the change as a great step for the future.
“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 organization 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,” he said.
We know you've got lots of questions about today's @INEOS news! 💭— Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) December 18, 2020
So we've asked Ola, Jim and Toto to talk through some of the big topics to help you understand the details and explain why we're so excited for the future 👇 pic.twitter.com/IkMaeylTrX
Mercedes also confirmed that Toto Wolff will continue in his role as Team Principal and CEO for a further three years.
Commenting on 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 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,” Wolff concluded.