Mercedes have confirmed Toto Wolff will stay on as team boss for at least another three years, following the announcement of a partial sale to INEOS.
Mercedes’ Team Principal Toto Wolff has long been rumoured to be seeking to step away from his role, in order to take a back seat following years of domination with the Merc F1 team.
However, those days are still some ways off in the future, as the team have now confirmed Wolff will stay on as team boss for at least another three years.
The confirmation came as Merc announced the sale of a one third stakeholding in the team to British company INEOS. One third of the team will be owned by Sir Jim Ratcliffe’s company, another third by Merc parent company Daimler AG, and a further third by Toto Wolff.
Wolff has been given assurances that, once his three years as Team Principal and CEO of the F1 team are up, he can step into a different executive position with the team.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team.” said Wolff of the announcement. “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.” continued Wolff about his new colleagues. “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.”