Toto Wolff Set to Divest Stake Valuing Mercedes Formula 1 Team at £4.6 Billion
Toto Wolff is engaged in final negotiations to sell a portion of his ownership stake in the Mercedes Formula 1 team.
The deal estimates the Mercedes team at £4.6 billion – a record for a Formula 1 squad – after McLaren were valued at £3.5bn in a change of ownership structure last September.
The Austrian executive, who holds one-third of the Mercedes F1 operation, would sell a stake approximately five percent.
The 53-year-old will remain as team principal and CEO should the deal proceed.
Ownership Breakdown
The other shareholders in Mercedes F1 are Mercedes and industrial group Ineos Group, who each also own one-third of the company.
A Mercedes spokesperson stated: "We are providing no official statement on this. The management structure of Mercedes F1 stays unchanged, and all three partners are fully committed to the ongoing success of Mercedes-Benz in F1."
Valuation Increase
The deal signifies a significant increase in worth of Mercedes F1 after Ineos Group bought its stake for £208 million in 2022.
This surge demonstrates the expansion in market values of F1 teams in the past few years due to the growing popularity of Formula 1 around the world.
This was also seen in the box-office performance of the F1 movie featuring Hollywood star Brad Pitt, which was released last summer and earned over $630 million (£458m) at the box office.
It is the actor's top-grossing movie and the most successful sports film ever released.
Present Performance
Mercedes are second in the team standings, behind McLaren Racing, with three races remaining this season.
Their lead driver George Russell has secured victory in 2 of the 21 grands prix this year and is in fourth place in the drivers' championship behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.
The team secured a record eight consecutive constructors' championships and seven driver championships, six won by Lewis Hamilton and one by Nico Rosberg, between 2014 to 2021.
