INEOS have taken a one-third stake in the Mercedes Formula One team, it was confirmed this morning.
Daimler had owned 60 per cent of the outfit, and will reduce down to 33 per cent. Toto Wolff, the team’s CEO and racing impressario, will up his stake from 30 to 33 per cent.
Mercedes-AMG Petronas have enjoyed an unprecedented run of success in modern F1, with Lewis Hamilton winning a host of World Championships in recent years.
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Sir Jim Ratcliffe, INEOS’ founder and chairman, said it presented “a unique opportunity to make a financial investment in a team at the very top of its game.”
The possibility of the British firm taking a stake in the team was first reported by The Sun.
Toto Wolff said the “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.”
Terms of the deal were not announced.