According to a recent investor’s report, Daimler, the parent company of Mercedes-AMG Petronas, will lose full control over the Mercedes F1 team.
The reports states that Daimler AG has confirmed that the shares of the F1 team have been held for sale. Last December, it had already sold some. A third of the shares went to Toto Wolff, Daimler and INEOS, a British chemicals giant, respectively. However, the report says that this sale is not fully done yet.
“We assume that we will come out of it in the first half of 2021, after which we expect Daimler to no longer have control over the Formula One team,” Mercedes’ parent company revealed in its Q1 2021 investor’s report.
The team will continue to exist, but Daimler’s interest will be lessened as a result of the reduced shareholding. As such, they will no longer have full control of the F1 team’s affairs. This includes loss of control of the decisions taken for the team.
However, the deal won’t affect Mercedes’ partnerships with constructors like McLaren, Williams and Aston Martin. The engine agreements with these team will continue to exist. The factory name will also remain unchanged.
This is a major piece of news that could alter the F1 landscape to a certain extent.