- Daimler reduces stake by 60%; Wolff increases share of 30%
- Austrian will remain team principal and CEO for another three years
- Ineos is already the team’s main partner under five years, $ 128 million deal
Ineos has officially acquired a 33 percent stake in the Formula 1 world champion Mercedes-AMG Petronas.
The long-rumored agreement stipulates that the petrochemical giant will become one third of the team’s equal partners alongside Daimler AG and Toto Wolff, the team’s current CEO and team leader.
As part of the transaction, the financial terms of which were not disclosed, Daimler agreed to reduce its current stake from 60 percent, while Wolff, who will hold on to his role for another three years, has increased his stake slightly from 30 percent.
Ineos, which signed a five-year sponsorship deal worth £ 100 million (US $ 128 million) back in February, is already Mercedes’ main partner and has been linked with a takeover of the team for some time.
In September, Mercedes began downplaying reports suggesting the company was on the verge of reaching a £ 700 million ($ 899 million) deal to acquire a 70 percent stake.
“When we got into Formula 1 at the beginning of the year, we chose a Mercedes team that set new standards, and since then we have been discussing how we can increase our commitment,” said Ineos chairman Sir Jim Ratcliffe in a opinion.
“This is a unique opportunity to make a financial investment in a team that is at the forefront of their game but that still has great growth potential in the future. We couldn’t ask for a better partner than Mercedes-Benz and a team of proven winners headed by Toto. “
In a statement accompanying the announcement of Ineos’ investment, it is said that the Brackley-based team will remain the Mercedes-Benz works Formula 1 team and will continue to drive with Mercedes chassis and assemblies in the years to come.
“This team is like family to me,” adds Wolff. “We have gone through so many ups and downs together that I cannot imagine working with a better group of people in this sport – and I am very excited to continue into this new era together.
“This new investment by Ineos confirms that the business case for Formula 1 teams is robust and sends an important signal of confidence in the sport after a challenging year.”
On the track, Mercedes has won seven unprecedented double world championships in a row since 2014, with Lewis Hamilton securing this year’s drivers’ title.
Ineos has officially acquired a 33 percent stake in the Formula 1 world champion Mercedes-AMG Petronas.
The long-rumored agreement stipulates that the petrochemical giant will become one third of the team’s equal partners alongside Daimler AG and Toto Wolff, the team’s current CEO and team leader.
As part of the deal, Daimler has agreed to reduce its current stake of 60 percent, while Wolff, who will keep his position for another three years, has slightly increased his stake from 30 percent.
Ineos, which signed a five-year sponsorship deal worth £ 100 million (US $ 128 million) back in February, is already Mercedes’ main partner and has been linked with a takeover of the team for some time.
In September, Mercedes began downplaying reports suggesting the company was on the verge of reaching a £ 700 million ($ 899 million) deal to acquire a 70 percent stake.
“When we got into Formula 1 at the beginning of the year, we chose a Mercedes team that set new standards, and since then we have been discussing how we can increase our commitment,” said Ineos chairman Sir Jim Ratcliffe in a opinion.
“This is a unique opportunity to make a financial investment in a team that is at the forefront of their game but that still has great growth potential in the future. We couldn’t ask for a better partner than Mercedes-Benz and a team of proven winners headed by Toto. “
In a statement accompanying the announcement of Ineos’ investment, it is said that the Brackley-based team will remain the Mercedes-Benz works Formula 1 team and will continue to drive with Mercedes chassis and assemblies in the years to come.
“This team is like family to me,” adds Wolff. “We have gone through so many ups and downs together that I cannot imagine working with a better group of people in this sport – and I am very excited to continue into this new era together.
“This new investment by Ineos confirms that the business case for Formula 1 teams is robust and sends an important signal of confidence in the sport after a challenging year.”
On the track, Mercedes has won seven unprecedented double world championships in a row since 2014, with Lewis Hamilton securing this year’s drivers’ title.
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