The British chemical company Ineos has taken over a third of the Mercedes Formula 1 team from its parent company Daimler.
The team that finished third in the World Championship now belongs to Daimler (which reduced its participation by 60%), third place goes to Ineos and third place to the team boss, Toto Wolff, who increased his participation from 30% to 33.3%.
The news also puts an end to months of speculation about Wolff’s future with the team, after he promised to stay for another three years as director and CEO of the team.
The statement confirmed that the 48-year-old Austrian has the opportunity to take on a new leadership role in the organization if he decides that this is the right time.
Wolff has coached the team to seven consecutive world championships since 2014.
I’m happy to start this new chapter for the Mercedes-AMG Petronas F1 Team, said Wolff. This team is like family to me.
We’ve been through so many ups and downs together that I can’t imagine working with the best group of people in the sport – and I’m excited that we’re entering this new era together.
Fault! The file name is not specified. The Mercedes W11, which won theWorld Championship, sponsored Ineos throughout the year. Clive Mason – Formula 1/Formula 1 via Getty Images
Despite a reallocation of shares, the team will continue to compete under the name Mercedes, but next year will rely more on the AMG brand of the German manufacturer.
Ineos joined Mercedes as sponsor in early 2020 and will continue to mark the car next year with main sponsor Petronas.
We are delighted to welcome Ineos as a co-partner in our Formula 1 joint venture, said Ola Källenius, CEO of Daimler.
The fact that we have been able to attract prestigious investors to Ineos, who see real potential for the future growth and development of the team, is a testament to the strength of the Brackley organisation.
We remain committed to Formula 1 and the next spending cap, and the new ownership structure puts us in an even stronger position to continue to succeed.
With even closer integration with our Mercedes-AMG Division from 2021 and Toto’s continued leadership in the years ahead, the future for Mercedes-Benz in Formula 1 looks bright.
Ineos owns the football club OGC Nice, the cycling team Ineos Grenadiers (formerly known as Team Sky) and is the main sponsor of the Ben Ainsel America’s Cup sailing team, known as Ineos Team UK.
Big challenges are central to our thinking at Ineos, and our participation in various sports shows that we always strive to do the best, said Ineos Chairman Sir Jim Ratcliffe. When we entered Formula 1 at the beginning of the year, we decided to do it with the Mercedes team, which is setting new standards, and since then we have discussed how to expand our involvement.
This is a unique opportunity to make a financial investment in a team that is at the top and at the same time has great potential for future growth. We couldn’t have asked for better partners than Mercedes-Benz and a team of confirmed winners led by Toto.