You’re likely most familiar with the Ineos name for its up and coming take on the original Land Rover Defender. The rugged off-roader is indeed keenly awaited, however, the company is actually one of the world’s leading chemical brands by trade. It recently started as a major sponsor of the Mercedes-AMG F1 team, but its involvement is about to become much deeper.
As it stands, Mercedes-Benz’s parent company Daimler owns 60% of the racing outfit, with team boss Toto Wolf possessing 30%. Ineos will now go beyond team sponsor status and acquire 30% of the F1 outfit for itself after coming to an agreement with Daimler. Wolf is to gain a slightly higher share of the business and will remain in his position for a further three years.
Sir Jim Ratcliffe, Chairman of Ineos, said: “Big challenges are a core part of our mindset at INEOS and our involvement across a number of different sports demonstrates that we always aim for the very best. When we entered Formula One earlier this year, we chose to do so with a Mercedes team that had set new benchmarks, and since then we have been in discussions about how we could increase our involvement. This is a unique opportunity to make a financial investment in a team at the very top of its game, but which still has rich potential to grow in the future. We could not wish for better partners than Mercedes-Benz, and a team of proven winners led by Toto.”
Wolf added: “I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. This team is like a family for me. We have been through so many highs and lows together that I cannot imagine working with a better group of people in this sport – and I am very happy to continue together into this new era. This new investment from INEOS confirms that the business case for Formula One teams is robust and sends an important signal of confidence in the sport after a challenging year. I am excited to welcome Jim, Andy and John to the team as co-owners: they have built one of the most profitable companies in the world, they embody the true spirit of entrepreneurship and their expertise will strengthen our board in the years ahead. In parallel, it is a privilege to continue my partnership with Ola, Markus Schäfer and Mercedes-Benz for the coming years. We are proud to have added to the brand’s prestigious motorsport heritage since 2010 and we share the ambition to grow the organisation further in the years to come.”
It would appear that the Mercedes F1 team is going nowhere anytime soon, and the marque further highlighted its intentions to aline the science of racing with its AMG road cars.
The last contract to complete ready for the 2021 season remains that of seven-time world champion Lewis Hamilton.
Keyword: Ineos buys into Mercedes-AMG F1 team