INEOS buys F1 Mercedes champion Toto Wolff, team principal, signs three-year extension with team

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BRACKLEY, England – British billionaire Jim Ratcliffe has added to his sports investments by buying a third of Formula 1 champion Mercedes through chemical giant INEOS, the British team said on Friday.

Team Principal Toto Wolff also signed a three-year contract extension to stay with Mercedes.

INEOS was already a main sponsor of Mercedes but now holds an equal share in the team with Daimler, whose shareholding has increased from 60%, and Toto Wolff, team director and general manager.

INEOS is chaired by Ratcliffe and owns the UK cycling team formerly known as Team Sky, as well as the Nice and Lausanne football teams and the America’s Cup Great Britain sailing team.

“Big challenges are at the heart of our mindset at INEOS and our involvement in a number of different sports shows that we always aim for the best,” said Ratcliffe.

“This is a unique opportunity,” he added, “to make a financial investment in a team at its peak.”

Mercedes driver Lewis Hamilton won the Drivers’ Championship in 2020, joining Michael Schumacher as a seven-time champion. The team has won the constructors’ championship every year since 2014.

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