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Mercedes team principal Toto Wolff is engaged in final negotiations to offload a portion of his ownership stake in the Mercedes Formula 1 team.

The deal values Mercedes at £4.6 billion – an unprecedented figure for an F1 team – following the McLaren team were valued at £3.5bn in a change of corporate structure last September.

The Austrian executive, who owns one-third of the Mercedes F1 operation, plans to divest a stake approximately 5%.

Wolff, aged 53 would stay on as team boss and chief executive officer if the sale goes through.

Ownership Breakdown

Remaining partners in Mercedes F1 are Mercedes and chemicals giant Ineos Group, who each also own a third of the company.

An official representative said: "We will be making no official statement on the matter. The governance of Mercedes F1 stays unaltered, and all three partners are fully committed to the ongoing success of the brand in F1."

Valuation Growth

The deal signifies a significant increase in value of the Mercedes team after Ineos acquired its share for £208 million in 2022.

The rise demonstrates the expansion in valuations of F1 teams in the past few years due to the increasing appeal of Formula 1 globally.

This was also seen in the box-office performance of the Formula 1 film featuring Hollywood star Brad Pitt, which debuted last summer and has grossed more than $630 million (£458 million) at the box office.

The film represents Pitt's most successful movie and the highest-earning sports film ever released.

Current Performance

The Mercedes team are second in the team standings, behind McLaren Racing, with three races left this season.

Their lead driver George Russell has won 2 of the 21 grands prix so far and is in fourth place in the drivers' championship behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.

Mercedes won a record eight consecutive team titles and seven driver championships, six for Lewis Hamilton and one by Nico Rosberg, from 2014 to 2021.