Toto Wolff is engaged in final negotiations to sell part of his ownership stake in the Mercedes Formula 1 team.
The deal estimates the Mercedes team at £4.6bn – a record for an F1 team – following the McLaren team was appraised at £3.5bn in a change of ownership structure last September.
Wolff, who holds one-third of the Mercedes F1 operation, would sell a stake approximately 5%.
Wolff, aged 53 would stay on as team boss and CEO should the deal proceed.
Shareholder Breakdown
Remaining partners in the team are Mercedes-Benz and industrial group Ineos Group, who each also own a third of the company.
A Mercedes spokesperson said: "We are providing no official statement on the matter. The management structure of the team stays unaltered, and all three partners are dedicated to continued achievements of Mercedes-Benz in F1."
Valuation Increase
The deal signifies a significant increase in worth of Mercedes F1 after Ineos Group bought its stake for £208m in 2022.
This surge reflects the growth in valuations of Formula 1 outfits in the past few years as a consequence of the increasing appeal of the sport around the world.
This trend was evident with the box-office performance of the F1 movie featuring Hollywood star Brad Pitt, which was released last summer and earned more than $630m (£458m) at the box office.
It is the actor's top-grossing film and the highest-earning sports movie to date.
Current Performance
Mercedes are runner-up in the team standings, behind McLaren Racing, with three Grands Prix left this season.
Mercedes' primary racer British driver George Russell has secured victory in two of the 21 grands prix this year and is in fourth place in the individual standings after McLaren's Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.
Mercedes won a record eight straight constructors' championships and seven drivers' titles, six for Lewis Hamilton and one for Nico Rosberg, from 2014 to 2021.
