New Owners Assume F1 Mercedes Management, Retain Toto Wolff As Team Boss

Chemical company own by Sir Jim Ratcliffe, Ineos, has purchased one-third of the stake in F1 Mercedes to become a part-owner of the racing team. 

Daimler, who are previously the majority shareholders in the racing team, is shedding their stake which was previously at 60 percent and the racing team boss Toto Wolff has now increased his stake to 30 percent.

In the end, all the parties at the echelon of the company are now equal on percent stake own in the company and Wolff led the team to win seven consecutive F1 world championship titles will remain as the team boss. 

Speaking on the joint partnership with INEOS, Daimler chairman Ola Kallenius, described the venture as such that will help strengthen the racing team in achieving "real potential for the growth and development"  that the team deserves. 

Ola continued, "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."