Toto Wolff signs three-year extension with Mercedes as team adds new ownership

Associated Press
·2 min read

Mercedes-AMG Petronas announced a three-year extension for team principal Toto Wolff amid a new ownership deal for the Formula One team.

British billionaire Jim Ratcliffe added to his sports investments by buying a third of Formula One champion Mercedes through his chemical giant INEOS, the British-based team said Friday.

INEOS was already a main sponsor of Mercedes but now owns an equal part in the team with Daimler, whose shareholding has reduced from 60%, and Wolff, the team principal and chief executive.

“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team,” Wolff said in a release. “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. I am excited to welcome Jim, Andy and John to the team as co-owners: they have built one of the most profitable companies in the world, they embody the true spirit of entrepreneurship and their expertise will strengthen our board in the years ahead. In parallel, it is a privilege to continue my partnership with Ola, Markus Schäfer and Mercedes-Benz for the coming years. We are proud to have added to the brand’s prestigious motorsport heritage since 2010 and we share the ambition to grow the organisation further in the years to come.”

INEOS is chaired by Ratcliffe, and owns the British cycling team formerly known as Team Sky, as well as soccer teams Nice and Lausanne, and Britain’s America’s Cup sailing team.

“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,” Ratcliffe said.

“This is a unique opportunity,” he added, “to make a financial investment in a team at the very top of its game.”

Mercedes driver Lewis Hamilton won the drivers’ championship in 2020, joining Michael Schumacher as a record seven-time champion. The team has won the constructors’ championship every year since 2014.

Toto Wolff signs three-year extension with Mercedes as team adds new ownership originally appeared on NBCSports.com