Ineos acquires 1/3 shares of Mercedes F1 team with Daimler AG and Toto Wolff owning other two equal parts of the championship-winning team.
Mercedes on their website announced that Ineos which has partnered with their F1 team since the last five years has extended their alliance by acquiring one-third shares of the F1 team.
Making them one of the principal partners of the group, the other two-thirds of the share is now under the parent company of the team Daimler AG and team principal Toto Wolff, who has also been announced to remain in the role for the next three years.
“We are delighted to welcome INEOS to our Formula One joint venture as a fellow shareholder. It is a sign of the strength of the organization in Brackley that we have been able to attract prestigious investors in INEOS, who see real potential for the future growth and development of the team,” said Ola Kallenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG
“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.”
“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 One.”
First steps towards absolute phase-out
Mercedes in 2020 was speculated to handover the majority stakes of the team to Ineos, as they reportedly were aiming an exit from the sport amidst superfluous achievements.
Now, with Ineos enlarging their partnership in the F1 franchise, could it be taken as the first step towards Daimler’s speculated exit from it. It could be possible, but as of now, this announcement on the other side an extension of Mercedes’ stay in the sport for the time being.
In future, when the regulations change, they might opt as an exit from the sport as a constructor.