Toto Wolff is engaged in advanced talks to sell part of his shareholding in the Mercedes Formula 1 team.
This transaction estimates Mercedes at £4.6 billion – a record for an F1 team – following the McLaren team was appraised at £3.5bn in an adjustment to corporate structure last September.
The Austrian executive, who owns a 33% stake of Mercedes F1, plans to divest a shareholding approximately five percent.
Wolff, aged 53 would stay on as team principal and chief executive officer if the sale goes through.
Shareholder Structure
The other shareholders in Mercedes F1 are Mercedes-Benz and industrial group Ineos, who both hold a third of the company.
A Mercedes spokesperson stated: "We are providing no official statement on this. The governance of the team stays unchanged, and all three partners are fully committed to continued achievements of Mercedes-Benz in Formula One."
Valuation Increase
The deal signifies a substantial rise in worth of Mercedes F1 after Ineos Group acquired its stake for £208m in 2022.
The rise reflects the growth in valuations of F1 teams recently as a consequence of the growing popularity of the sport globally.
This trend was evident with the box-office performance of the Formula 1 film featuring Brad Pitt, which was released last summer and has grossed more than $630m (£458m) at the box office.
The film represents the actor's top-grossing film and the most successful sports movie to date.
Current Standings
Mercedes are runner-up in the team standings, behind McLaren Racing, with three Grands Prix left in the current championship.
Their lead driver British driver George Russell has secured victory in two of the 21 grands prix so far and is fourth in the drivers' championship after McLaren's Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
The team secured a record eight straight team titles and seven drivers' titles, six won by Lewis Hamilton and one for Nico Rosberg, from 2014 to 2021.
