Wolff remains at Mercedes F1 as Ineos buys in
The Mercedes F1 team has undergone a new carve-up, with chemicals company Ineos now taking a one-third share, as Mercedes disperses a portion of its 60 per cent ownership. Team Principal Toto Wolff, has also increased his own share to 30 per cent, cementing his position for a further three years.
There is no word as yet on what money has exchanged hands but given the Mercedes team’s status at the moment, the sky's the limit.
"I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team," Wolff said. 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."
The deal also signifies Mercedes’ continued investment in F1, throughout the coming changes to costs and the new regulations. Ola Kallenius, Mercedes chairman, referred in a statement to “an even closer alignment to our Mercedes-AMG performance division beginning in 2021”. While not stating specifics, that could refer to the Project One Hypercar, which adapts F1 powertrain elements for the road, nearing production readiness for next year.
"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,” he added.
The involvement of Ineos with the team began earlier this year as a partner sponsor. Its buy into the team extends that arrangement.
"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,” Sir Jim Ratcliffe, Ineos Chairman, said of the deal.
"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."
Photography courtesy of Motorsport Images.
F1
Mercedes
Toto Wolff
Mercedes F1
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