Ineos becomes a shareholder of the Mercedes team

He will be on an equal footing with Daimler and Toto Wolff, who was also ratified in his position for the next three years.


The team Mercedes-AMG Petronas de F1 announced that Ineos will become your third shareholder beside Daimler AG y Toto wolff. The team will continue to be the representation of Mercedes-Benz in the category and will continue to compete with Mercedes chassis and power units for years to come.

By giving all three partners equity in the shares, Daimler will reduce its current 60% stake and Wolff will increase its current 30%. Ineos, in addition, will additionally remain as the main partner of the team.

Lewis Hamilton
Photo: LAT Images.

Under the new shareholding structure, Wolff will continue in his role as team manager and CEO for another three years, leading the executive operations of the company and the racing team.

You will have the later opportunity to transition to a new executive role within the organization when you decide the time is right to do so.

“Starting in 2021, the Formula 1 business landscape will be transformed by a new Financial Regulation that will allow teams to achieve independent financial sustainability for years to come. The team will be strengthened by a closer alignment with Mercedes-AMG, Mercedes-Benz's performance division, and has already begun to diversify through its new Applied Science business division, which leverages high-performance engineering capabilities to innovative projects beyond motorsports ”, Mercedes-AMG Petronas explained in a statement.

Ineos
Photo: Steve Etherington.

“We are delighted to welcome Ineos to our Formula 1 joint venture as a shareholder. It is a sign of the strength of the organization at Brackley that we have been able to attract prestigious investors such as Ineos, who see real potential for future growth and team development. ", he claimed Wave Källenius, Chairman of the Board of Directors of Daimler AG and Mercedes-Benz AG

“We remain firmly committed to Formula 1 and the upcoming cost cap along with the new share structure puts us in an even stronger position for continued success. With an even closer line-up to our Mercedes-AMG performance division beginning in 2021, and Toto's continued leadership for years to come, the future is bright for Mercedes-Benz in Formula 1. ” said.

While Sir Jim Ratcliffe, president of Ineos, assured: “Big challenges are a central part of our mindset and our participation in several different sports shows that we are always aiming for the best. When we entered Formula 1 earlier this year, we decided to do it with a Mercedes team that had set new benchmarks, and since then we have been in discussions about how we could increase our participation. This is a unique opportunity to make a financial investment in a team that is at the top, but still has great potential to grow in the future ”.

Finally, Wolff underlined: “I am pleased to begin this new chapter in the Mercedes-AMG Petronas F1 Team. This team is like family to me… This new investment from Ineos confirms that the business case for Formula 1 teams is strong and sends an important signal of confidence after a challenging year.

ads

Automundo

Automundo is the blog about news from the automotive industry, motorsport and the culture of the region. Director: Diego Durruty.

Leave a comment

Your email address will not be published. Required fields are marked with *

Back to top button
EnglishSpanish
This website uses its own and third-party cookies for its proper functioning and for analytical purposes and to show you advertising related to your preferences based on a profile prepared from your browsing habits. By clicking the Accept button, you agree to the use of these technologies and the processing of your data for these purposes. More info
Privacy

Adblock Detected

Consider supporting us by disabling your ad blocker