F1 | INEOS becomes shareholder of Mercedes as part of Toto Wolff extension
As part of a new contract that commits Toto Wolff to staying as team principal, chemical chompany INEOS has become one-third shareholder for Mercedes AMG Petronas.
INEOS had been in talks with the German automaker about a possible buy-in, as stated back in September.
It was announced on Friday that the team's ownership will now be divided in three directions, with Mercedes, INEOS and Wolff taking equal shares.
The deal suggests that Mercedes has diluted the team's previous 60% stake, while Wolff has raised his 30% share.
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Mercedes boss, Toto Wolff has committed to staying on as team principal and CEO for the next three years as part of the agreements, with the opportunity to switch to a different executive position after that.
Wolff comments, "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. "
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INEOS first joined up as a partner sponsor with Mercedes earlier this year and its outfit shareholding comes as an extension of that deal.
INEOS chairman, Sir Jim Ratcliffe, comments: "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 agreement also reaffirms the dedication of Mercedes to F1, with the company making it clear that the team will continue to compete under the German car manufacturer's brand name.
Mercedes chairmna, Ola Kallenius, states: "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. "
