Toto Wolff will remain the team principal and CEO of the Mercedes AMG Petronas F1 team after INEOS became a one third equal shareholder of the team alongside Wolff and Daimler.
The Mercedes team boss had suggested he could step away from his role during this year as his contract was set to end, but he has now increased his shareholding from 30% at the same time as principal partner INEOS purchasing a stake. Daimler’s shareholding has reduced from 60% so that all three parties hold an equal share, but the team will remain the Mercedes works team.
Daimler and Mercedes chairman Ola Kallenius says the investment from petrochemicals company INEOS and Wolff’s new deal strengthen’s the team’s future.
“We are delighted to welcome INEOS to our Formula 1 joint venture as a fellow shareholder,” Källenius said. “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 1, 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 1.”
We know you've got lots of questions about today's @INEOS news! 💭
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-AMG PETRONAS F1 Team (@MercedesAMGF1) December 18, 2020
INEOS chairman Sir Jim Ratcliffe says discussions about how his company could become a bigger part of the team have been ongoing since the principal partnership was announced at the start of 2020.
“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,” Ratcliffe said. “When we entered Formula 1 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.”