Toto Wolff has clarified the point made in Daimler AG’s investor report regarding the stake sale of Mercedes F1 team, which is linked to the December news.
After Daimler AG released its Q1 results for the investors, news started to float indicating that the parent company is to loose control of the Mercedes F1 outfit. But some stories failed to mention that this stake sale goes back to their December news.
Announcing a new deal with Wolff and incoming partner INEOS, Daimler AG confirmed the decrease of its hold, with the former two getting one-third each of the deal. The shares of Niki Lauda were mixed with the same and divided among the three.
This made Wolff an important shareholder, much like INEOS. Clarifying the same, the Austrian revealed that the deal closing will not happen in Q2 as well, with the investor report to show the same information like it do in the Q1 report.
Wolff, however, confirmed that the deal will be closed by Q3. “That’s right, that refers to the sale of 33 percent to INEOS and some percentages to me and the transaction is signed and not closed and we expect this to happen in Q3 and that’s what the reference was to.”
While Wolff has been to every race this year despite the notion that he may miss few F1 races amid his enhanced role, INEOS head Sir Jim Ratcliffe, had his first visit as a shareholder during the Spanish GP, where he stood on the podium too.
Here’s the link to download its Q1 report: https://www.daimler.com/investors/reports-news/interim-reports/2021/q1/#:~:text=Revenue%20was%20%E2%82%AC26.9%20billion,(Q1%202020%3A%202.6%25).
Here’s the news from Daimler and Mercedes from December
Here’s Alpine on eyeing to keep Mercedes’ Esteban Ocon
Here’s Valtteri Bottas and George Russell on their contract
Here’s Lewis Hamilton on contract signing