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F1: Toto Wolff To Stay At Mercedes For Three More Years With Him Owning 33% Of It

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Mercedes and Daimler chairman, Ola Kallenius additionally recommitted to Mercedes staying in F1.

Mercedes-AMG Petronas has become the most successful F1 team of all time
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Mercedes-AMG Petronas has turn out to be essentially the most profitable F1 workforce of all time

It is official that Toto Wolff will proceed because the CEO and Team Principal of the Mercedes-AMG Petronas F1 workforce. As part of the workforce, Wolff additionally will increase his stake within the mission, now proudly owning 33 per cent of the workforce, whereas main associate INEOS additionally will increase its stake to 33 per cent which leaves Mercedes father or mother Daimler with simply 33 per cent. “I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. This team is like a family for me. 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,” mentioned Wolff on the affirmation of this information. 

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Wolff now owns 1/third of the workforce which suggests he is most likely not going away anytime quickly Photo Credit: AFP

“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,” he added. 

INEOS which is owned y the richest Britisher, Sir Jim Ratcliffe, joined initially as a associate, earlier than it prolonged its relationship to a shareholding, that too a large one. This ties in with reviews that got here in earlier which claimed that Mercedes was leaving F1 with INEOS set to take over the mission from Daimler, however the eventual conclusion is extra nuanced. 

“When we entered Formula 1 earlier this year, we chose to do so with a Mercedes team that had set new benchmarks, and since then we have been in discussions about how we could increase our involvement,” mentioned Ratcliffe 

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“This is a unique opportunity to make a financial investment in a team at the very top of its game, but which still has rich potential to grow in the future,” added the Billionaire. 

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The Daimler boss has seemingly doubled down on F1

Mercedes and Daimler chairman, Ola Kallenius additionally recommitted to Mercedes staying in F1. He additionally added that the Mercedes-AMG efficiency division will likely be much more aligned with the F1 workforce. 

“We remain firmly committed to Formula 1, 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 1,” he mentioned. 

This additionally comes with the backdrop of Mercedes confirming Valtteri Bottas for the 2021 season. Lewis Hamilton has additionally mentioned that he desires to stick with Mercedes and shut his new contract together with his workforce by Christmas. 

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