Toto Wolff set to sell Mercedes F1 shares

Toto Wolff, the current team principal and chief executive officer of the Mercedes-AMG Petronas Formula One Team, is set to sell part of his shares in the German outfit.

Wolff intends to relinquish 5% of his one-third ownership of the team, which is valued at £4.6 billion. However, he will retain both his roles at the team if the sale goes through.

After dominating Formula One between 2014 and 2020, the Brackley-based side has taken a step back from the top step of the podium in recent seasons. Wolff & Co will be looking to move back to the top of the grid next year, when the new regulations come into effect. 

Wolff entered the F1 world in 2009, buying a stake in the Williams Racing team and joining their board of directors before becoming their executive director.

After leaving Williams in 2013, he joined Mercedes as a managing partner and in a non-executive capacity. Shortly after, he took over as team principal and would oversee a run of eight consecutive World Constructors’ Championship titles between 2014 and 2021.

The ownership of the Mercedes-AMG Petronas F1 Team is currently split three ways, with Wolff, British chemical conglomerate Ineos, and German automaker Mercedes-Benz holding 33% each.