INEOS buys one-third of Mercedes F1 team as Wolff remains principal

Chemicals company INEOS has become a one-third shareholder in the Mercedes Formula 1 squad as part of a new deal that commits Toto Wolff to remaining as team principal

INEOS buys one-third of Mercedes F1 team as Wolff remains principal

As reported back in September, INEOS had been in discussions with the German car manufacturer about a potential buy-in.

On Friday it was confirmed that ownership of the team would now be split three ways, with equal parts taken by Mercedes, INEOS and Wolff.

The deal means that Mercedes has diluted its previous 60% ownership of the team, while Wolff has increased his share up from 30%.

As part of the arrangements, Mercedes boss Wolff has committed to staying on as team principal and CEO for the next three years, with the potential to move to a different executive role after that.

Wolff said: "I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. 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."

INEOS first linked up with Mercedes earlier this year as a partner sponsor, and its shareholding of the outfit comes as an extension of that deal.

Sir Jim Ratcliffe, who is INEOS chairman, 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."

The INEOS deal also further reaffirms Mercedes' commitment to F1, with the company clear that the team will continue to race under the German manufacturer brand.

Ola Kallenius, Mercedes chairman, said: "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."

shares
comments
F1 develops 100% sustainable fuel from bio-waste
Previous article

F1 develops 100% sustainable fuel from bio-waste

Next article

McLaren's "fragile" business model risked F1 progress without new investment

McLaren's "fragile" business model risked F1 progress without new investment
Why Red Bull’s RB17 hypercar can help its F1 team Plus

Why Red Bull’s RB17 hypercar can help its F1 team

On Tuesday, Red Bull laid out its plans to develop and build a new hypercar - the RB17 - penned by Adrian Newey. As the project itself sates Newey as a creative outlet, it also offers Red Bull's Formula 1 team a number of new and exciting avenues to pursue

What to expect from Mercedes as F1 returns to Silverstone Plus

What to expect from Mercedes as F1 returns to Silverstone

OPINION: The British Grand Prix is a home event for Lewis Hamilton and George Russell, with their Mercedes team based just a few miles away too. But there’s another reason why the Silver Arrows squad is eager to arrive at Silverstone this weekend, which may help it fix its remaining problems with its 2022 Formula 1 challenger

The “solemn promise” that cost quiet hero Brooks an F1 title Plus

The “solemn promise” that cost quiet hero Brooks an F1 title

After two terrifying crashes, one of the best British racers of the 1950s retired before his career peaked. But that’s why GP Racing’s MAURICE HAMILTON was able to speak to Tony Brooks in 2014. Like his friend Stirling Moss, Brooks was regarded as one of the best drivers never to have won the world championship. Here, as our tribute to Brooks who died last month, is that interview in full

Formula 1
Jun 27, 2022
Inside the Faenza facility where AlphaTauri’s F1 pragmatic vision is realised Plus

Inside the Faenza facility where AlphaTauri’s F1 pragmatic vision is realised

AlphaTauri’s mission in F1 is to sell clothes and train young drivers rather than win the championship – but you still need a cutting-edge factory to do that. Team boss Franz Tost takes GP Racing’s OLEG KARPOV on a guided tour of a facility that’s continuing to grow

Formula 1
Jun 26, 2022
Connecting two of Ferrari's favourite F1 sons Plus

Connecting two of Ferrari's favourite F1 sons

Gilles Villeneuve's exploits behind the wheel of a Ferrari made him a legend to the tifosi, even 40 years after his death. The team's current Formula 1 star Charles Leclerc enjoys a similar status, and recently got behind the wheel of a very special car from the French-Canadian’s career

Formula 1
Jun 24, 2022
How a 30cm metal wire triggered open warfare in the F1 paddock Plus

How a 30cm metal wire triggered open warfare in the F1 paddock

Porpoising has become the key talking point during the 2022 Formula 1 season, as teams battle to come to terms with it. An FIA technical directive ahead of the Canadian Grand Prix and a second stay appearing on the Mercedes cars only served to create a bigger debate and raise tensions further

Formula 1
Jun 23, 2022
Does Verstappen have any weaknesses left? Plus

Does Verstappen have any weaknesses left?

Having extended his Formula 1 points lead with victory in Canada, Max Verstappen has raised his game further following his 2021 title triumph. Even on the days where Red Bull appears to be second best to Ferrari, Verstappen is getting the most out of the car in each race. So, does he have any weaknesses that his title rivals can exploit?

Formula 1
Jun 22, 2022
How F1's future fuels can shape the automotive sector Plus

How F1's future fuels can shape the automotive sector

In 2026, Formula 1 plans to make the switch to a fully sustainable fuel, as the greater automotive world considers its own alternative propulsion methods. Biogasoline and e-fuels both have merit as 'drop-in' fuels but, equally, both have their shortcomings...

Formula 1
Jun 21, 2022