Mercedes have announced INEOS will become a one-third stakeholder in its Formula One team with Toto Wolff staying on as Team Principal.
The deal sees Damler reduce its 60% stake hold whilst Wolff will increase his 30% stake to ensure that all three partners hold a roughly 33% share each of the team, in turn creating an equal partnership.
INEOS will also stay on as principal partner to Mercedes F1 team after having joined this year, with the main constructor name staying as Mercedes-Benz and will continue to provide chassis and power units in coming seasons.
INEOS Chairman, Sir Jim Ratcliffe is delighted with that his business has invested in Mercedes with a one-third stake, saying; “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. We could not wish for better partners than Mercedes-Benz, and a team of proven winners led by Toto.”
This new deal will also enable Mercedes to ‘be strengthened by closer alignment to Mercedes-AMG, the performance division of Mercedes Benz’ plus continue to diversify through its new Applied Science division which aims to expand high-performance engineering capability for creative projects outside of motorsport as F1 enters a new era of financial regulations from 2021.
Speaking on his decision to stay with Mercedes despite rumours of his exit throughout this season, Wolff said; “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.”
On the arrival of INEOS as joint shareholders, Wolff was pleased to add them to Mercedes’ history, saying; “We are proud to have added to the brand’s prestigious motorsport heritage since 2010 and we share the ambition to grow the organisation further in the years to come.”
Mercedes have currently confirmed Valtteri Bottas as one of their drivers for 2021 with reigning champion, Lewis Hamilton now rumoured to have signed a new deal to remain with the team next season.