Mercedes-Benz is altering the possession construction of its System One workforce, the automaker stated late final week.
Mercedes presently owns 60% of the workforce whereas Toto Wolff, the workforce’s CEO and workforce principal, owns 30%, with different buyers proudly owning the remaining 10% stake.
However below a brand new construction, the workforce can be equally break up between Mercedes, Wolff, and British chemical big Ineos, whereas remaining Mercedes’ manufacturing unit workforce. Wolff may even decide to working the workforce for the subsequent three years, quashing rumors he would possibly leap to the Aston Martin F1 workforce (Wolff additionally owns a small proportion of Aston Martin).
The brand new deal additionally places to relaxation rumors from early this 12 months that Mercedes might exit F1 as a constructor to chop prices whereas beefing up spending in new fields reminiscent of electrification and self-driving expertise.
Ineos is the corporate creating the Grenadier SUV, and is already a sponsor of the Mercedes F1 workforce. Ineos additionally agreed this month to buy the Sensible plant in Hambach, France, from Mercedes, to make use of for manufacturing of the Grenadier.
“This can be a distinctive alternative to make a monetary funding in a workforce on the very high of its sport, however which nonetheless has wealthy potential to develop sooner or later,” Jim Ratcliffe, chairman of Ineos, stated in an announcement.
In line with Mercedes, new finances caps being launched in F1 from 2021 will imply some groups will be capable to develop into financially sustainable on their very own, i.e. with no main backer like an automaker funneling money to maintain them going. Mercedes’ workforce has additionally began to diversify past F1 by means of its Utilized Science division, a consulting division which applies F1 know-how in different fields.
The information of the brand new possession construction at Mercedes F1 comes only a week after McLaren Group introduced it was promoting a 3rd of its F1 workforce to MSP Sports activities Capital. And in August, the Williams F1 workforce was bought to Dorilton Capital.