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Chemicals company INEOS has become a third shareholder in the Mercedes Formula 1 team as part of a new agreement committing Toto Wolff to remain as team principal.
As reported in September, INEOS had been in talks with the German automaker about a possible purchase.
On Friday it was confirmed that the team’s ownership would now be split into three, with equal shares taken by Mercedes, INEOS and Wolff.
The deal means Mercedes has diluted its previous 60% ownership of the team, while Wolff has increased its stake from 30%.
As part of the arrangements, Mercedes boss Wolff has pledged to remain 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 family to me.
“We have been through so many ups and downs together that I cannot imagine working with a better group of people in this sport, and I am very happy to continue together in this new era.
“This new investment from INEOS confirms that the business case for the Formula 1 teams is strong and sends an important signal of confidence in the sport after a challenging year.”
INEOS first joined Mercedes earlier this year as a sponsoring partner, and its equity stake in the team is an extension of that agreement.
Sir Jim Ratcliffe, President of INEOS, said: “When we entered Formula 1 earlier this year, we decided to do it with a Mercedes team that had set new benchmarks, and since then we have been in discussions about how we could increase our intervention.
“This is a unique opportunity to make a financial investment in a team that is at the top of its game, but still has great potential to grow in the future.”
The agreement with INEOS also further reaffirms Mercedes’ commitment to F1, and the company is clear that the team will continue to compete under the German manufacturer’s brand.
Ola Kallenius, President of Mercedes, said: “We remain firmly committed to Formula 1, and the upcoming cost cap along with the new share structure puts us in an even stronger position for continued success.
“With an even closer lineup to our Mercedes-AMG performance division beginning in 2021, and Toto’s continued leadership for years to come, the future is bright for Mercedes-Benz in Formula 1.”
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