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INEOS takes one-third stake in Mercedes, Wolff stays as boss
Toto Wolff will remain as Team Principal and CEO of the Mercedes Formula 1 team for another three years with INEOS becoming a one-third shareholder in the team. On Friday Mercedes announced that a new structure has been implemented, with the Formula 1 operation now owned in three equal parts by Mercedes parent company Daimler AG, INEOS and Wolff. It means Daimler will reduce its current 60 per cent shareholding while Wolff increases his current 30 per cent stake. INEOS, the petrochemicals firm, became a primary partner of Mercedes for 2020 and has ramped up its involvement in sporting organisations in recent years. It acquired the Tour de France-winning Team Sky and also runs Team INEOS in...
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3y ago from MotorsportWeek.com
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