Mercedes has announced INEOS will increase its partnership with the team to become a one-third equal shareholder in a deal that sees Toto Wolff stay on as team principal.
INEOS joined Mercedes at the beginning of this year as a principle partner, but will now have an bigger role as part of a new ownership structure.
Mercedes will now be owned by three equal partners Daimler AG, INEOS and Wolff, with Daimler reducing its 60% stake and Wolff upping his share to over 30%.
As part of this new structure, Wolff has agreed a new three-year deal to remain as Mercedes boss and CEO, ending speculation surrounding his future at the Brackley-based outfit.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team,” Wolff said.
“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.
“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.”
Commenting on the extended partnership between INEOS and Mercedes, the company’s owner Sir Jim Ratcliffe said: “When we entered Formula One 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.
“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.”
Mercedes and Daimler chairman Ola Kallenius said the deal reaffirms the team’s commitment to Formula 1 in the long-term.
“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,” Kallenius said.
‘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.”
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