BEVERLY HILLS, December 18, (THEWILL) –Â Mercedes AMG Petronas F1 Team has announced that chemical giant INEOS, has joined the Formula One World champion as one-third joint owners alongside Daimler AG and Toto Wolff.
While Daimler are reducing their current shareholding from 60 per cent, Wolff is increasing his 30 per cent stake, to create three equal partners with INEOS. Wolff, who is team principal, will continue as boss and Chief Executive for a further three years.
Chemical giant INEOS, which is owned by Britain’s richest man, Sir Jim Ratcliffe, became a team partner at the start of this year. It now becomes a part of the trio of owners of the leading F1 automobile.
Daimler chairman, Ola Källenius, warmly welcomed them to the fold: “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 organisation 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.
“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.”
