Toto Wolff is engaged in final negotiations to sell part of his shareholding in the Mercedes Formula 1 team.
The deal values the Mercedes team at £4.6 billion – a record for a Formula 1 squad – following the McLaren team was appraised at £3.5bn in an adjustment to ownership structure last September.
Wolff, who owns one-third of the Mercedes F1 operation, would sell a shareholding approximately five percent.
Wolff, aged 53 would stay on as team principal and chief executive officer should the deal proceed.
Shareholder Breakdown
The other shareholders in the team are Mercedes-Benz and chemicals giant Ineos Group, who each also own a third of the enterprise.
A Mercedes spokesperson stated: "We are providing no comment on this. The management structure of the team will remain unaltered, and all three partners are fully committed to the ongoing success of the brand in F1."
Financial Increase
The deal signifies a significant increase in value of Mercedes F1 after Ineos acquired its share for £208 million in 2022.
The rise demonstrates the expansion in market values of F1 teams recently as a consequence of the increasing appeal of the sport around the world.
This was also seen in the success of the Formula 1 film featuring Hollywood star Brad Pitt, which debuted in summer 2023 and has grossed over $630 million (£458 million) at the box office.
It is Pitt's most successful movie and the highest-earning sports film ever released.
Current Performance
Mercedes are second in the constructors' championship, behind McLaren Racing, with three races left in the current championship.
Their lead driver British driver George Russell has secured victory in 2 of the 21 grands prix this year and is in fourth place in the drivers' championship after McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
Mercedes won a record eight consecutive constructors' championships and seven drivers' titles, six for Lewis Hamilton and one for Nico Rosberg, between 2014 and 2021.
