INEOS Become a One-Third Equal Shareholder of the Mercedes F1 Team
The British chemical company becomes a shareholder of the team together with Daimler and Toto Wolff.
We have big news about Mercedes’ future in Formula 1. It has been announced on Friday that INEOS have become a one-third equal shareholder of the team. What started as a wide partnership at the beginning of 2020, evolved into partial ownership. INEOS join Daimler and Toto Wolff in this cooperation.
Chairman of Daimler and Mercedes Ola Källenius says: “We are delighted to welcome INEOS to our Formula One joint venture as a fellow shareholder. It is a sign of the strength of the organization in Brackley that we have been able to attract prestigious investors in INEOS, who see real potential for the future growth and development of the team. 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”.
Chairman of INEOS Sir James Ratcliffe also shares his thoughts about the news: “Big challenges are a core part of our mindset at INEOS and our involvement across a number of different sports demonstrates that we always aim for the very best. 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.
It has also been confirmed shortly that Toto Wolff, one of the shareholders, will stay in the role of team principal and the CEO for at least three more seasons.
Toto Wolff also comments on the latest changes in Mercedes: “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. 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.”
The restructuration in Mercedes shows the team’s serious intentions to stay on the winning track beyond the 2021 season with the introduction of the brand new regulations and budget cap. Mercedes were preparing for the 2014 rules for a long time and that brought incredible results, so this time they might do the same thing to remain on the top.
