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
Load comments

About this article

Series Formula 1
Drivers Susie Wolff
Teams Mercedes
Author Jonathan Noble
The clues Hamilton’s F1 contract afterthought gives to his future Plus

The clues Hamilton’s F1 contract afterthought gives to his future

The Formula 1 world reacted with surprise when it learned Lewis Hamilton’s long-awaited new Mercedes deal guarantees his presence on the grid only until the end of 2021. Both parties claimed publicly they were happy with the arrangement but, asks MARK GALLAGHER, is there more to it than that?

How a harshly ejected Red Bull star has been hooked by racing again Plus

How a harshly ejected Red Bull star has been hooked by racing again

Driver-turned-DJ Jaime Alguersuari lost his love for motorsport when he was booted out of Formula 1 just as he was starting to polish his rough edges. Having drifted from category to category then turned his back on racing altogether in 2015, he’s come full circle and is planning a return in karts for fun

Why Mercedes isn't confident it's really ahead of Red Bull at Imola Plus

Why Mercedes isn't confident it's really ahead of Red Bull at Imola

While Mercedes struck back against Red Bull by topping the times at Imola on Friday ahead of the Emilia Romagna Grand Prix, the overall picture remains incredibly close. Despite having a possible edge this weekend, the reigning Formula 1 world champion squad is not taking anything for granted...

What Mercedes must do to keep its F1 title challenge on track Plus

What Mercedes must do to keep its F1 title challenge on track

Mercedes may find itself leading the drivers' and constructors' standings after Lewis Hamilton's victory in the Bahrain Grand Prix, but it is well-aware that it came against the odds, with Red Bull clearly ahead on pace. Here's what the Brackley team must do to avoid its crown slipping

Formula 1
Apr 16, 2021
Why Tsunoda can become Japan’s greatest F1 talent Plus

Why Tsunoda can become Japan’s greatest F1 talent

While Japan's fever for motor racing is well-documented, the country has yet to produce a Formula 1 superstar – but that could be about to change, says BEN EDWARDS

Formula 1
Apr 15, 2021
Why the demise of F1's hypocritical spending habit is cause for celebration Plus

Why the demise of F1's hypocritical spending habit is cause for celebration

For too long, F1's richest teams have justified being able to spend as much as they want because that's the way they've always conducted their business. STUART CODLING says that's no reason not to kick a bad habit

Formula 1
Apr 14, 2021
The double whammy that is defining Vettel’s F1 fate Plus

The double whammy that is defining Vettel’s F1 fate

It's been a tough start to Sebastian Vettel's Aston Martin F1 career, with a lack of pre-season testing mileage followed by an incident-packed Bahrain GP. But two key underlying factors mean a turnaround is not guaranteed

Formula 1
Apr 14, 2021
The diva that stole a march on F1’s wide-bodied opposition Plus

The diva that stole a march on F1’s wide-bodied opposition

In 2017 new F1 technical regulations were supposed to add drama - and peg Mercedes back. STUART CODLING looks at the car which, while troubled, set the stage for the wide-bodied Formula 1 era

Formula 1
Apr 13, 2021