Mercedes officially confirmed that Toto Wolfe will continue to take charge of the German manufacturer’s F1 team from 2021-2023, and Ineos has become one of the three major shareholders with equal rights and interests in the team.
Wolf joined the Mercedes F1 team in 2013. In the past seven years, under his leadership, the German team has become the overlord of the sport, winning all 14 world championship titles.
Although the Austrian owns 30% of the team’s shares, his contract as team leader and team CEO expires this year. Although he admitted that he was tired of too many games, he was still passionate about continuing to strive for success with the team.
“I am very happy to open a new chapter for the Mercedes-AMG Petronas F1 Team,” Wolff said. “This team is like my home. Over the years we have gone through ups and downs together, and I can’t imagine working with a better team in this sport-I am very happy to enter this new era together.”
The German team stated in the statement that Wolf will use the next three years to help the team establish a new executive structure and complete the transition at the time he sees fit.
It is worth mentioning that the German team hinted on social media that the seven-time world champion Lewis Hamilton is about to renew his contract. After the season finale at the Abu Dhabi Grand Prix, the British expressed their hope to complete the contract extension before Christmas. With the determination of Wolfe’s personal future, Hamilton’s final signature has entered the countdown stage.
At the same time, Mercedes announced that the chemical giant Ineos founded by Sir Jim Ratcliffe has become one of the three equal shareholders of the team.
Ineos became one of the main partners of the team at the beginning of this year. The applied technology department under Mercedes has carried out technical cooperation with Ineos teams in the America’s Cup and Tour de France to realize the export of F1 related technologies.
Rumors that Ineos might acquire the Mercedes team broke out earlier this year, but they were denied. The conclusion of this transaction not only means that the shareholding structure left by Nicky Lauda-holding 10%-has changed after his death, and Daimler’s shareholding has been reduced from the original 60% to one-third. , While Wolf has increased from 30%.
“(Accepting) the big challenge is part of Ineos’ core philosophy, and our participation in different types of sports shows that we always aim for the best,” said Sir Ratcliffe.
“We entered F1 earlier this year. We chose to work with the Mercedes team that set a new benchmark. Since then, we have been discussing how we can increase our participation. This is a unique opportunity for a team in its own right. Business investment is made by teams that are at the peak of the industry but still have huge room for growth in the future.”
This year, Mercedes re-organized the manufacturer’s team to participate in F1 just finished its tenth anniversary. In the past 11 seasons, the team has won 106 Grand Prix races and 118 pole positions.
According to the newly signed “Concord Agreement”, the German team will participate at least until 2025. Daimler’s chairman of the board of directors Ola Conlinsson said that Wolf’s stay and the addition of Ineos proves that the German company’s loyalty to F1 remains unchanged and will actively support the budget cap cost control policy implemented next year. .
“We maintain a firm commitment to F1,” said Kang Linsong. “The upcoming budget cap and new equity structure put us in a stronger position for continued success. With our Mercedes-AMG performance department in 2021 With a closer alliance and Toto’s continued leadership of the team for the next few years, Mercedes-Benz has a bright future in F1.”
The names of all team members on the car of Valtteri Bottas, Mercedes F1 W11
Photo by: Steve Etherington / Motorsport Images
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