“We are looking at a turning point in Formula 1”- Toto Wolff claims Ineos deal signed with Daimler is a game-changer in the sport.
Last month, Ineos signed off a deal with Mercedes’ parent company Daimler to acquire 1/3 shares of the Formula 1 team. Hence expanding their stream of investment.
The owner of the other 1/3 shares and the team principal of Mercedes, who signed his contract extension for the same role on the same day reveals that the Ineos deal will be a game-changer for the reigning F1 champions.
“We are looking at a turning point in Formula 1 because teams have always fought for resources to perform on the track, and now it’s turning to real sports franchises,” said Wolff, as quoted by GPFans.
“We are capped with a financial limit which means chassis teams will turn profitable, and that’s why it becomes interesting.” he further added.
“The US sports led this transformation 10 years ago and are valuable franchises today, and having Jim [Ratcliffe, INEOS owner] and INEOS on board, and we can accelerate that transition even more.”
Can grow together
Wolff further praises Ineos by claiming that it’s an impressive company and both parties can bolster each other by serving mutual interests in pursuit of having a better F1 side in 2021.
“Ineos is just an awe-inspiring company, and the moment I got to meet Jim and his business partners, it was clear we shared the same mindset,” Wolff continued.
“Ineos is not only a very successful company, very profitable, but they are being led with a very entrepreneurial mindset. [It is] fast, about taking the right opportunity at the right time, and they have tremendous experience in the world of sports, so I think we can nurture each other.”
Amidst all of this Mercedes is yet to announce its lineup for 2021, with contract uncertainty for Hamilton.