Welcome at RacingNews365

You are logged in. Benefit directly from all the benefits of your account:

  • Share your thoughts and opinions about F1
  • Win fantastic prizes
  • Get access to our premium content
  • Take advantage of more exclusive benefits

Welcome at RacingNews365

Become part of the largest racing community in the United Kingdom. Create your free account now!

  • Share your thoughts and opinions about F1
  • Win fantastic prizes
  • Get access to our premium content
  • Take advantage of more exclusive benefits
Sign in
Formula 1

Daimler to lose full control over the Mercedes F1 team

A recent investor's report has revealed that Daimler, the parent company of the current Mercedes team, will no longer have control over the team's affairs.

M266417
Article
To news overview © Mercedes

Daimler AG, the parent company of Mercedes-Benz, has confirmed that the shares of the Formula 1 team have been held for sale.

Last December it already sold part of its shares, after which they were divided as follows: 33.3 percent to Toto Wolff, 33.3 percent to Daimler and 33.3 percent to the new sponsor INEOS, a British chemicals giant.

However, according to the latest financial report, the sale is not yet complete.

"We assume that we will come out of it in the first half of 2021, after which we expect Daimler to no longer have control over the Formula One team," Mercedes' parent company revealed in its Q1 2021 investor's report.

The team will continue to exist, but Daimler's interest will be lessened as a result of the reduced shareholding.

When the deal is done, the company will no longer have full control over the team's decision-making process.

Mercedes' engine supply agreements with Williams, McLaren and Aston Martin remain unchanged, as does the name of the factory team.

F1 2021 Monaco Grand Prix RN365 News dossier

0 comments

x