Toto Wolff is engaged in advanced talks to sell part of his ownership stake in the Mercedes Formula 1 team.
This transaction estimates the Mercedes team at £4.6bn – a record for an F1 team – following the McLaren team were valued at £3.5bn in an adjustment to ownership structure in September.
Wolff, who holds a 33% stake of the Mercedes F1 operation, plans to divest a stake approximately five percent.
The 53-year-old would stay on as team principal and CEO if the sale goes through.
Ownership Structure
The other shareholders in Mercedes F1 are Mercedes and industrial group Ineos, who each also own a third of the enterprise.
A Mercedes spokesperson stated: "We will be making no official statement on the matter. The governance of the team stays unchanged, and all three partners are fully committed to continued achievements of the brand in Formula One."
Financial Increase
The deal signifies a significant increase in value of the Mercedes team after Ineos acquired its stake for £208m in 2022.
This surge reflects the expansion in market values of F1 teams recently due to the growing popularity of the sport around the world.
This trend was evident with the success of the Formula 1 film starring Brad Pitt, which debuted last summer and earned over $630m (£458 million) at cinemas worldwide.
It is Pitt's most successful movie and the highest-earning sports film to date.
Current Standings
Mercedes are second in the team standings, trailing McLaren, with three races remaining in the current championship.
Mercedes' primary racer British driver George Russell has secured victory in two of the 21 races this year and is in fourth place in the drivers' championship behind McLaren's Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.
The team secured a unprecedented eight straight team titles and seven drivers' titles, six won by Lewis Hamilton and one for Nico Rosberg, between 2014 to 2021.
