British chemical company Ineos has acquired a third of its shares in the Mercedes Formula One team from Daimler, the parent company of Mercedes.
The team that won the world championship is now third with Daimler (who reduced his shares by 60 percent), third with Ineos and third with team principal Toto Wolff, who increased the bet. from 30 percent to 33.3 percent.
The news also concludes months of speculation about Wolff’s future for the team after promising another three years as team principal and CEO.
A statement confirmed that the 48-year-old Austrian has the option of “moving to a new action group within the organization when it decides this is the right time to do so”.
Wolff has been overseeing the seven consecutive world championships since the 2014 team.
“I am delighted to begin 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 highs and lows together that I can’t imagine working with a better group of people in this sport – and I’m delighted to continue together in this new era. . “
The team will continue to race under the Mercedes name despite the new property division, with a move towards more branding from the German car manufacturer ‘s performance division, AMG, next year.
Ineos joined Mercedes as a sponsor in early 2020 and will have a branding of the car next year alongside Petronas title sponsor.
“We are delighted to welcome Ineos to our joint Formula One joint venture,” said Daimler chairman Ola Källenius.
“It is a testament to the strength of the Brackley group that we have been able to attract high profile investors in Ineos, who see great potential for the future growth and development of the team.
“We remain committed to Formula One, and the forthcoming cost of the new segment structure has put us in an even stronger position for continued success.
“With an even closer alignment with our Mercedes-AMG performance division starting in 2021, and Toto’s continued leadership in the years to come, the future for Mercedes-Benz in Formula One is clear. . “
Ineos has an OGC Nice football team, the Ineos Grenadiers cycling team (formerly Team Sky) and is the main backbone of the Ben Ainsile American Cup sailing team, known as Ineos Team UK.
“Big challenges are a key part of our thinking at Ineos and our involvement across a number of different sports shows that we are always aiming for the best,” said Ineos chairman, Sir Jim Ratcliffe. “When we entered Formula One earlier this year, we chose to do so with a Mercedes team that had set new standards, and since then we have been talking about how we could increase our involvement.
“This is a great opportunity to invest financially in a team at the very top of its game, but which still has a rich potential for future growth. We couldn’t have asked for better partners than Mercedes-Benz, and a team of proven winners led by Toto. “