British chemical giant Ineos has become a one-third shareholder in the title-winning Mercedes-AMG F1 team, along with Daimler AG and team boss Toto Wolff.
The UK-based team, which this year powered Lewis Hamilton to his seventh Driver’s Championship, has been in Formula 1 since 2010. It’s won seven consecutive double world championships since 2014.
The investment by Ineos sees Mercedes-Benz parent company Daimler AG’s stake reduced from 60 percent.
Team principal and CEO Toto Wolff’s stake is increased from his current 30 percent to ensure all three owners have equal shares.
Mr Wolff will continue in his role for another three years – and the news is expected to see British champ Hamilton finally sign a new agreement to continue racing for the team.
“This team is like a family for me,” said Mr Wolff. “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.”
Daimler AG chairman Ola Kallenius praised the strength of the F1 operation in Brackley, and said there will now be an even closer alignment with the Mercedes-AMG performance road car division, beginning in 2021.
“When we entered Formula 1 earlier this year, we chose to do so with a Mercedes team that had set new benchmarks,” said Ineos chairman Sir Jim Ratcliffe. “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.”
The team will continue to race as the works F1 team of Mercedes-Benz, but Ineos branding is likely to feature more prominently.
The news comes after Ineos confirmed the purchase of Daimler’s Smart factory in France, to produce the Grenadier SUV.
Ineos previously planned to build a brand new factory in Wales to produce the vehicle. These plans have now been abandoned.
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