Toto Wolff is engaged in final negotiations to sell a portion of his ownership stake in the Mercedes Formula 1 team.
The deal values the Mercedes team at £4.6 billion – a record for an F1 team – following the McLaren team were valued at £3.5 billion in a change of ownership structure last September.
The Austrian executive, who holds one-third of Mercedes F1, would sell a shareholding in the region of five percent.
Wolff, aged 53 would stay on as team boss and CEO if the sale goes through.
Ownership Structure
Remaining partners in Mercedes F1 are Mercedes-Benz and chemicals giant Ineos, who both hold a third of the company.
An official representative said: "We are providing no comment on this. The governance of Mercedes F1 will remain unchanged, and each shareholder are dedicated to the ongoing success of the brand in Formula One."
Financial Increase
This arrangement signifies a significant increase in worth of Mercedes F1 after Ineos acquired its share for £208m in 2022.
This surge demonstrates the growth in valuations of F1 teams recently due to the growing popularity of the sport around the world.
This was also seen in the success of the Formula 1 film starring Brad Pitt, which debuted in summer 2023 and earned over $630m (£458 million) at cinemas worldwide.
The film represents the actor's top-grossing movie and the most successful sports film to date.
Present Performance
Mercedes are runner-up in the team standings, behind McLaren, with three races remaining this season.
Their lead driver George Russell has secured victory in 2 of the 21 races so far 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 secured a record eight straight constructors' championships and seven driver championships, six for Lewis Hamilton and one for Nico Rosberg, between 2014 to 2021.
