Professional motorsports experienced monetary losses in March 2020, as the pandemic halted operations for months. Leagues worldwide have found themselves unable to resume competition, with finances needed to sustain venues being eliminated. The first motorsport that returned for international contention was Formula One, which completed it’s 2021 Campaign on December 13th. Teams operational in this motorsport have found themselves struggling financially, with organizations like Williams Racing being sold to Dorilton Capital.
Red Bull Racing lost its partnership with Aston Martin, Renault altered their branding to Alpine, and Racing Point became the newest leaders behind the Aston Martin branding in Formula One. After the final Grand Prix ended in Abu Dhabi on December 13th, most anticipated that partnership announcements for teams had completed this year.
F1 Fanatics were shocked when learning Mercedes AMG-Petronas had sold 33.33% of their Formula One racing team to INEOS. That sale follows after the two entities partnered earlier this year. Alongside this announcement, revelations noted how Team Boss Toto Wolff would continue residing over Mercedes AMG-Petronas until 2024.
Speculation had indicated Toto Wolff would become the Executive Chairman or Chief Executive Officer of the Mercedes racing outfit. Wolff noted himself that additional time with family would be welcomed. Inside sources indicated that INEOS wouldn’t become 1/3rd owner of Mercedes AMG-Petronas unless Wolff remained onwards as Team Boss. Inside sources suggest that after 2024, Toto will become the CEO of Mercedes AMG-Petronas.
Wolff Reflects on New Contract
When questioned about sustaining his role of Team Boss until 2024, Toto Wolff reflected his pleasure in starting a new chapter with Mercedes & couldn’t imagine working with another group of individuals in Formula One. Wolff mentioned his happiness is being able to work throughout the new era of F1 and believes Mercedes AMG-Petronas can continue dominating Formula One after the rule changes are implemented in 2022.
Two corporations & one individual hold 1/3rd ownership of Mercedes AMG-Petronas. The two companies residing over Mercedes include Daimler AG & INEOS, with the single individual having 1/3rd ownership being Toto Wolff. Confirmations were made that additional investors aren’t needed moving forward, with share availability being exclusive to one of these three parties.