Toto Wolff commits to three more years as Mercedes announce INEOS investment

London, December 18: Toto Wolff will continue as Mercedes team principal for three more years as part of a change in ownership that includes INEOS becoming a major shareholder.

The chemical giant, already the principal partner of the team, has purchased a one-third stake in Formula One's leading constructor.

Daimler will reduce its 60 per cent shareholding and Wolff's will increase from his current 30 per cent, thereby creating three equal controlling partners.

In announcing the restructure, Mercedes also confirmed on Friday: "Under the new shareholding structure, Toto Wolff will continue in his role as team principal and CEO for a further three years, leading the executive operations of the company and the racing team.

"He will have the subsequent opportunity to transition to a new executive function within the organisation when he decides it is the right time to do so."

Wolff said: "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."

Daimler and Mercedes-Benz chairman Ola Kallenius said INEOS' investment was "a sign of the strength of the organisation".

He added: "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."

Mercedes have won seven constructors' titles in a row and have had a driver win the championship in each of those years. Lewis Hamilton, champion in 2020, has won six of those titles, with Nico Rosberg claiming the other in 2016.

Hamilton, who matched Michael Schumacher's record of seven drivers' championships this year, is expected to sign a new contract with Mercedes in the coming weeks.