Toto Wolff is engaged in final negotiations to offload a portion of his shareholding 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 £3.5 billion in a change of ownership structure last September.
Wolff, who holds one-third of the Mercedes F1 operation, 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
Remaining partners in the team are Mercedes and industrial group Ineos Group, who each also own one-third of the company.
An official representative said: "We will be making no official statement on this. The governance of the team stays unchanged, and each shareholder are fully committed to the ongoing success of the brand in F1."
Valuation Increase
The deal signifies a significant increase in value of the Mercedes team since Ineos acquired its share for £208 million in 2022.
The rise demonstrates the growth in valuations of Formula 1 outfits recently due to the growing popularity of the sport globally.
This trend was evident with the success of the Formula 1 film featuring Hollywood star Brad Pitt, which was released last summer and has grossed more than $630 million (£458 million) at the box office.
It is Pitt's most successful film and the most successful sports film ever released.
Present Standings
Mercedes are runner-up in the constructors' championship, trailing McLaren Racing, with three races remaining this season.
Their lead driver George Russell has secured victory in 2 of the 21 grands prix this year and is in fourth place in the individual standings behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
The team secured a unprecedented eight straight team titles and seven driver championships, six won by Lewis Hamilton and one by Nico Rosberg, between 2014 and 2021.
