The British chemical company Ineos has taken over a third of the shares in the Mercedes Formula 1 team from the Mercedes parent company Daimler.
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One third of the world championship winning team is now owned by Daimler (which reduced its stake from 60 percent), a third owned by Ineos and a third owned by team boss Toto Wolff, who increased his stake from 30 to 33.3 percent increased.
The news also puts an end to months of speculation about Wolff’s future on the team after signing up for another three years as team boss and CEO.
In a statement it was confirmed that the 48-year-old Austrian has the option of “moving to a new management position within the organization if he decides that the time is right”.
Wolff has overseen all seven of the team’s seven consecutive world championships since 2014.
“I am delighted to be opening this new chapter for the Mercedes-AMG Petronas F1 Team,” said Wolff. “This team is like family to me.
“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 be able to go into this new era together.”
The world championship title Mercedes W11 was sponsored by Ineos throughout the year. Clive Mason – Formula 1 / Formula 1 via Getty Images
The team will continue to operate under the Mercedes name despite the new ownership split, with a move towards more branding from the German automaker’s performance department, AMG, next year.
Ineos came to Mercedes as a sponsor at the beginning of 2020 and will wear the branding on the car next year in addition to the title sponsor Petronas.
“We are pleased to welcome Ineos as a partner in our Formula 1 joint venture,” said Daimler boss Ola Källenius.
“It is a sign of the strength of the Brackley organization that we have been able to attract renowned investors to Ineos who see real potential for the future growth and development of the team.
“We remain committed to Formula 1, and the upcoming cost cap and the new shareholder structure put us in an even stronger position for continued success.
“With an even closer focus on our Mercedes-AMG Performance Division from 2021 and the continued leadership of Toto in the coming years, the future looks bright for Mercedes-Benz in Formula 1.”
Ineos owns the OGC Nice Football Team, Ineos Grenadiers Cycling Team (formerly known as Team Sky) and is the primary supporter of Ben Ainsile’s America’s Cup sailing team known as Ineos Team UK.
“Big challenges are central to the way we think at Ineos, and our involvement in a number of different sports shows that we always strive for the best,” said Sir Jim Ratcliffe, Chairman of Ineos. “When we got into Formula 1 at the beginning of the year, we opted for a Mercedes team that set new standards, and since then we have been discussing how we can increase our commitment.
“This is a unique opportunity to invest financially in a team that is at the forefront but still has a lot of potential for future growth. We couldn’t ask for a better partner than Mercedes-Benz and a team of proven winners, led by Toto. “
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