Toto Wolff set to sell part of Mercedes stake in record valuation
The team would be worth an estimated £4.6billion based on the reported terms of the deal.
Mercedes’ Formula One boss Toto Wolff is reportedly close to selling part of his 33 per cent stake in a deal that would value the team at around £4.6billion.
Wolff, who will remain in his roles as chief executive officer and team principal, is reportedly in advanced talks with an unknown buyer for the sale of “a mid-single-digit stake” in his holding company, which owns the shares.
The deal would mark a record valuation for a Formula One team, eclipsing the purchase last month of a stake in McLaren’s ownership company which valued the team at £3.5bn, sports business media outlet Sportico said.
A Mercedes formula one team spokesperson told the PA news agency: “We will be making no comment on this.
“The governance of the team will remain unchanged, and all three partners (Mercedes-Benz, Toto and INEOS) are fully committed to the ongoing success of Mercedes-Benz in Formula One.”
Car manufacturer Mercedes, Wolff and British chemical company Ineos currently own 33 per cent stakes in the Mercedes Formula One team.
Mercedes, who won eight consecutive constructors’ titles from 2014 to 2021, which included seven world driver titles for Lewis Hamilton, sit second in this year’s standings while McLaren have already sealed their second straight title this season.