Toto Wolff is engaged in final negotiations to offload part of his ownership stake in the Mercedes Formula 1 team.
The deal values the Mercedes team at £4.6 billion – a record for an F1 team – after the McLaren team were valued at £3.5 billion in a change of ownership structure in September.
The Austrian executive, who owns one-third of the Mercedes F1 operation, would sell a stake approximately five percent.
Wolff, aged 53 will remain as team principal and CEO should the deal proceed.
Ownership Breakdown
The other shareholders in the team are Mercedes and chemicals giant Ineos Group, who both hold one-third of the company.
An official representative said: "We will be making no official statement on the matter. The governance of Mercedes F1 will remain unchanged, and all three partners are dedicated to continued achievements of the brand in F1."
Valuation Increase
This arrangement signifies a substantial rise in value of the Mercedes team since Ineos bought its stake for £208 million in 2022.
This surge reflects the expansion in market values of F1 teams recently due to the increasing appeal of Formula 1 globally.
This trend was evident with the box-office performance of the F1 movie starring Brad Pitt, which was released last summer and earned over $630 million (£458m) at the box office.
The film represents Pitt's most successful film and the most successful sports film ever released.
Current Standings
Mercedes are runner-up in the constructors' championship, behind McLaren, with three Grands Prix remaining this season.
Mercedes' primary racer George Russell has secured victory in 2 of the 21 races this year and is in fourth place in the drivers' championship after McLaren's Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.
The team secured a record eight straight constructors' championships and seven drivers' titles, six for Lewis Hamilton and one for Nico Rosberg, between 2014 and 2021.
