Mercedes-Benz strengthens Formula 1 racing team

888 views

Toto Wolff is a new shareholder and the new executive director of Mercedes-Benz Grand Prix Ltd, Niki Lauda also is a new shareholder. Ross Brawn completes the management team.

Daimler AG plans to reorganize its Formula 1 activities. In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd. (MGP) and will also head that company as its executive director.

Nico Rosberg, Mercedes AMG F1 at a team photograph
Nico Rosberg, Mercedes AMG F1 at a team photograph

Photo by: XPB Images

Furthermore, Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula 1 racing team.

"As an entrepreneur, investor and motorsport manager, Toto Wolff has proven that this sport runs in his blood; at the same time, he is also well aware of the economic necessities of the business.

With Toto Wolff, we have gained for our Formula 1 team not only an experienced motorsport specialist, but also a longstanding enthusiast of the Mercedes-Benz brand.

Together with him and Niki Lauda, we will further develop our motorsport activities and guide our Silver Arrows into the next era," stated Dr. Dieter Zetsche, Head of Mercedes-Benz Cars and Chairman of the Board of Management of Daimler AG.

Toto Wolff is to become both a shareholder and executive director of Mercedes-Benz Grand Prix Ltd., and will take over the complete coordination of all Mercedes-Benz motorsport activities.

Wolff sees his new task as one of the most exciting challenges in motorsport: "Mercedes is one of the most important participants in motorsport worldwide.

Christian Horner, Red Bull Racing Team Principal with Niki Lauda
Christian Horner, Red Bull Racing Team Principal with Niki Lauda

Photo by: XPB Images

I am not only a big fan, but also a longstanding friend and enthusiast of the brand. I am looking forward to the challenge and, along with preparing for a successful racing season, also want to focus on the targeted promotion of new talent."

"I am leaving Williams on good terms and I will miss the team and friends I have made there.

I'd also like to wish Frank and the whole of Williams the best of luck for the future", Wolff added.

Toto Wolff started his motorsport career in Formula Sport in 1992. Since 1998, Wolff has founded several venture capital companies. His current investments include an interest in HWA AG, the partner of Mercedes-Benz Motorsport in DTM racing.

In November 2009, he acquired a stake in British racing team Williams Grand Prix Holdings PLC and joined its board of directors. Since July 2012, Toto Wolff has been a member of that team's management.

Toto Wolff will resign from that position when he joins Mercedes-Benz, but will remain a Williams shareholder.

Write a comment
Show comments
About this article
Series F1
Article type Breaking news
Tags brawn, f1, lauda, mercedes, wolff

User photos

erikjunius
F1

erikjunius

37 photos
EuroRacer
F1

EuroRacer

21 photos
SurdinP
F1

SurdinP

1 photos
max
F1

max

29 photos
ADLITIKA
F1

ADLITIKA

213 photos
Kevin_Bennett_Photo
F1

Kevin_Bennett_Photo

139 photos
PiBiPhoto
F1

PiBiPhoto

47 photos
Upload photo