Toto wolff and a chemical giant Ineos have increased their ownership stakes in the Mercedes F1 team. Ineos, run by billionaire Sir Jim Ratcliffe, now owns a third of the team, and Wolff has also increased its stake to 33,33%.
Mercedes Benz, owned Daimler, owned 60 percent of the team, and now they have reduced their ownership stake by almost half, however, the team will continue to be named after this German brand, and the team also remains Mercedes ’factory team. Wolff will continue to head the team for at least the next three seasons, after which he may decide to take on another position.
"I'm excited to start this new chapter with Mercedes-AMG Petronas," said Wolff. "Mošvo is like my family, with whom we have experienced many ups and downs, so I am happy that we will continue to work together."
Ineos joined the team earlier this season when they became their partner and have now become co-owners, with Jim Ratcliffe saying: “When we entered Formula 1, we decided to take this step with the Mercedes team, which set new standards, and since then we have been discussing the possibility of increasing our cooperation. It was a unique opportunity to invest in a team that is at the very top of its sport, but still offers the opportunity to progress in the future. ”
The team will continue to perform under the Mercedes logo and name: "We remain committed to Formula One and the forthcoming cost constraint puts us in an even firmer position for future success with the new ownership structure," he said Hello Kallenius, chairman of the Daimler and Mercedes committees.
If you wish, you can donate to us quickly and securely via PayPal. Every contribution helps us, your team World of Speed!
You can donate at this link ->Donate