Brackley (AP) – Toto Wolff will remain the team principal of the Mercedes Formula 1 racing team for three more years.

In addition, the world championship team announced the entry of the British chemical company Ineos as a third partner alongside Daimler and the Austrian Wolff. “This team is like family to me,” Wolff said according to a statement. The 48-year-old general manager is increasing his share in the racing team. In return, Daimler will reduce the number of shares so that Ineos will be an equal partner with the other two partners.

Wolff previously speculated for months that Wolff would retire as team boss. He himself said that the search for a successor was underway. Now Wolff will continue beyond the 2023 season and will then take on another operational management role “as soon as he thinks the time is right,” he said.

Ineos’ entry is a “sign of strength” of the Mercedes project in Formula 1, said Daimler boss Ola Källenius. The company remains “firmly connected” to the racing series, he added. Thanks to the upcoming reforms with a budget cap for all teams, Mercedes is in an even stronger position for further success.

The Silver Arrows had recently won the drivers and constructors’ titles seven times in a row. Superstar Lewis Hamilton recently broke several Michael Schumacher records and, like the German, is now a seven-time champion.

Wolff called Ineos’ investment an “important sign of confidence in the sport”. The chemical giant has already sponsored the Formula 1 team and is also active in cycling through the acquisition of the former Sky team and sailing the Americas Cup. Ineos also took over the French first division football club OGC Nice.

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