British multi-national petrochemicals company Ineos has acquired a significant stake in the Mercedes F1 Team, while Toto Wolff has agreed to stay on as team principal and CEO for another three years and has increased his shareholding in the team.
Under the new ownership structure, the Mercedes F1 Team is equally owned by Daimler, Ineos and Wolff, with each owning one-third of the Brackley-based team.
READ: Ferrari Thank Sebastian Vettel For Staying Positive Amid Difficult Season
Prior to the deal, Daimler owned 60 percent while Wolff owned 30 percent.
The team will continue to run as the Mercedes works team and its name will remain unchanged.
In a statement, Wolff said he is “pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team.”
Continuing, the Austrian 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.
“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,” he added.
Meanwhile, Ineos chairman Sir Jim Ratcliffe hailed their investment:
“Big challenges are a core part of our mindset at INEOS and our involvement across a number of different sports demonstrates that we always aim for the very best.
“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.
“We could not wish for better partners than Mercedes-Benz, and a team of proven winners led by Toto,” Sir Ratcliffe concluded.
Earlier this year, ex-F1 team owner Eddie Jordan claimed that Ineos was poised to buy the Mercedes F1 Team and potentially rebrand it.
He also indicated that Toto Wolff may depart the Silver Arrows following the acquisition.
Following the inaugural Tuscan Grand Prix, Wolff insisted that the story is “made up” and reaffirmed his commitment to Mercedes.
“People pick up bits and pieces and construct a story around it. Daimler [Mercedes’ parent company] has no intent in giving up the team and Ineos has no interest in buying a majority of the team and calling it like this. I have no reason to depart from my shareholding,” Wolff said.
“So [there are] plenty of things that are made up. The future of the team is absolutely clear. It’s the Mercedes AMG Petronas F1 team and nothing is going to change that,” he added.
READ: Nikita Mazepin Deletes Apology For Instagram Model Groping Video