The Mercedes AMG Petronas Formula One Team has announced that INEOS will increase its share of ownership of the team to one-third, with Daimler AG and Toto Wolff all now holding an equal amount of shares.
Daimler’s sixty per cent share will be cut, while Wolff’s thirty per cent will be increased, meaning all three parties will each hold the same amount of shares within the multiple championship winning Formula 1 team.
The change in shareholding will have no real effect on the operation of the team, with the outfit still being the works Mercedes-Benz outfit in Formula 1, while Wolff has confirmed he will remain as Team Principal for at least three more seasons despite rumours earlier in 2020 that he was set to walk away from the role.
“We are delighted to welcome INEOS to our Formula 1 joint venture as a fellow shareholder,” said Ola Källenius, the Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG.
“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.”
“Big challenges are a core part of our mindset at INEOS” – Sir Jim Radcliffe
Sir Jim Radcliffe, the Chairman of INEOS, says his company had been looking at how to increase their involvement with Mercedes since they joined the team earlier in the year, and by increasing their stake, the company can help the team grow into an even bigger entity.
“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,” said Radcliffe.
“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.”
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team” – Toto Wolff
Wolff says he is delighted to be staying on as Team Principal for another three years, and after experiencing both highs and lows with the team, he cannot imagine working with anyone else within Formula 1.
Wolff has overseen seven consecutive Drivers’ and Constructors’ Championship triumphs, with Lewis Hamilton having claimed six of those Drivers’ crowns. Nico Rosberg took the other back in 2016 before retiring, which allowed the team to bring current Mercedes driver Valtteri Bottas into the fold.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team,” said Wolff. “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 1 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.”