Petrochemical giant Ineos will acquire a third stake in the Mercedes F1 team, in conjunction with the decline in the share of the team’s parent company Daimler AG, and Ineos, owned by British billionaire “Jim Ratcliffe“, will become a partner in the team along with Daimler and Toto Wolff, who represents the director and CEO of the team.
According to the data of the deal, Daimler will reduce its stake starting from 60%, while Wolff will increase its share starting from 30%. The statements clarified the future of Wolff, he will continue to serve as team manager and CEO for the next three years, and it is expected that these changes will prompt seven-time F1 world champion Lewis Hamilton to extend his contract with the team and stay alongside Finn Valtteri Bottas, who previously confirmed his continuation with the team next season.
Ineos has several investments in various sports such as running, sailing, cycling and football, and was revealed as a major partner with Mercedes before the start of 2020, making its participation a little lower than being the team’s official sponsor, as the current official sponsor is the Malaysian oil company Petronas.
Some believe that Ineos will take over the entire F1 championship, but Wolff denied those rumors earlier this year, saying that Ineos’ investments represented only a “voice of confidence” in the future of Formula One.