Toto Wolff is in final negotiations to offload a portion of his shareholding in the Mercedes Formula 1 team.
The deal estimates the Mercedes team at £4.6bn – a record for an F1 team – after McLaren was appraised at £3.5bn in an adjustment to ownership structure last September.
Wolff, who owns one-third of Mercedes F1, plans to divest a shareholding in the region of 5%.
Wolff, aged 53 will remain as team principal and chief executive officer should the deal proceed.
Ownership Breakdown
Remaining partners in Mercedes F1 are Mercedes and chemicals giant Ineos Group, who each also own a third of the company.
A Mercedes spokesperson said: "We are providing no comment on this. The management structure of the team stays unaltered, and each shareholder are dedicated to the ongoing success of the brand in F1."
Valuation Increase
The deal signifies a significant increase in value of Mercedes F1 since Ineos bought its share for £208 million in 2022.
This surge demonstrates the expansion in valuations of F1 teams in the past few years due to the growing popularity of Formula 1 globally.
This was also seen in the box-office performance of the F1 movie starring Brad Pitt, which was released in summer 2023 and has grossed more than $630 million (£458m) at the box office.
The film represents Pitt's most successful movie and the most successful sports movie ever released.
Current Performance
Mercedes are second in the constructors' championship, behind McLaren Racing, with three Grands Prix left in the current championship.
Their lead driver British driver George Russell has secured victory in 2 of the 21 races so far and is fourth in the drivers' championship after McLaren drivers Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.
Mercedes secured a unprecedented eight straight constructors' championships and seven driver championships, six won by Lewis Hamilton and one for Nico Rosberg, from 2014 to 2021.
