Toto Wolff to Continue as Team Principal as Mercedes Announce Major Change in Team’s Ownership
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via Reuters
Formula One F1 – Turkish Grand Prix – Istanbul Park, Istanbul, Turkey -Mercedes’ Team Principal Toto Wolff FIA/Handout via REUTERS
INEOS has bought one-third of the shares in the Mercedes AMG F1 team, with the other two parts belonging to Daimler and the racing team’s boss, Toto Wolff. To equalize the three-way partnership, Daimler has reduced its 60% shareholding, and Toto has increased his holding to 30%.
Citing the recent changes regarding the ownership, Toto revealed that he will stick with Mercedes for the next three years, as he continues to play the role of CEO and Team Principal in the works team.
via Getty
NUERBURG, GERMANY – OCTOBER 09: Mercedes GP Executive Director Toto Wolff talks in the Team Principals Press Conference during practice ahead of the F1 Eifel Grand Prix at Nuerburgring in Nuerburg, Germany. (Photo by Joe Portlock/Getty Images)
The Mercedes F1 team released Toto’s statement after INEOS’s entry into the team as stakeholders. “I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. This team is like a family for me,” Toto said about the same.
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“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,” Toto added.
Toto always speculated that he might give up the role of team principal. However, the entry of INEOS might have boosted his trust in Mercedes’ future in the sport and pushed him to change his mind.
No changes in the functioning of Mercedes’ works team
The Silver Arrows revealed that despite INEOS now being major stakeholders, the works team will remain as it is and function like they have been for the last few years.
“This new investment from INEOS confirms that the business case for Formula One teams is robust and sends an important signal of confidence in the sport after a challenging year,” Toto’s statement read.
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via Reuters
Formula One F1 – Bahrain Grand Prix – Bahrain International Circuit, Sakhir, Bahrain – Mercedes’ Lewis Hamilton in action during the race Pool via REUTERS/Giuseppe Cacace
INEOS initially joined the German team as performance partners. Eventually, in February this year, the company revealed that they would extend their relationship with the racing team as Principal Partners.
Mid-way through the 2020 season, rumors made rounds that INEOS would take over the functioning of the team after buying the company’s major stakes. However, now that the shares will be split three-ways, that scenario is highly unlikely.
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Overall, with the multi-national company’s sensational entry as part-owners, Mercedes’ future prospects are looking absolutely bright.
Furthermore, considering the base they have developed, it wouldn’t be much of a surprise if they continue to dominate even after the regulation changes in 2022.
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