UK-based petrochemical giant Ineos has purchased a one-third stake in the dominant Mercedes Formula One team.
Ineos was already a sponsor of the team but Daimler AG decided to reduce their stake and Ineos purchased that opportunity to create an equal three-part ownership consortium consisting of Daimler AG, Ineos and team principal, Toto Wolff.
Ineos is a petrochemical giant which bought the former BP back in the day and now creates fuels and lubricants for their main products, primarily in Germany and the USA.
Prior to Ineos’ purchase, Daimler AG had held a 60% stake in the Mercedes Formula One team and Wolff had held a 30% stake. Wolff has been in charge of Mercedes F1 operations since 2013, and has signed a new contract and will remain team boss and chief executive for three more years.
The ownership change will not affect the team as a statement was issued that Mercedes F1 would “remain the works team of Mercedes-Benz and will continue to race Mercedes chassis and power units in the coming years”.
Ineos is also a involved in other sports as a sponsor in professional cycling team and has an America’s Cup yachting program.
Meanwhile, Mercedes, of course, has won a record-breaking seven consecutive drivers’ and constructors’ championships in Formula 1.