Mercedes has reaffirmed their commitment to Formula 1 with incumbent team principal Toto Wolff staying on as the head of the outfit for the next three years.
After rumours of a potential buyout by British chemical company INEOS, last night Mercedes confirmed that the ownership of their championship-winning team would be split three ways.
Mercedes, INEOS and Wolff have now taken an equal share in the team, with Wolff bolstering his previous ownership stake and Mercedes reeling back from their former 60 per cent.
Wolff has been a central figure in the dominance of the Mercedes squad. Since taking over as the executive director of the team in 2013, he has been at the forefront of the seven successive world titles earned between 2014 and 2020.
As part of the arrangements, Wolff has committed to staying on as team principal and CEO for the next three years, with the potential to move to a different executive role after that.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. This team is like a family for me,” said Wolff.
“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.”
Mercedes will also continue to race in F1 under the German car manufacturer brand for the foreseeable future.
The team were already committed to the sport until 2025 after accepting the terms of the new Concorde Agreement. However, speculation from the rumour mill over the season had suggested that Wolff and Daimler, Mercedes parent company, would sell their stakes in the team to an external buyer and the team would be re-branded.
“We remain firmly committed to Formula One, and the forthcoming cost cap along with the new shareholding structure put us in an even stronger position for continued success,” said Ola Kallenius, Mercedes chairman.
“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.”