(Reuters) -Petrochemicals giant Ineos will acquire a third share of the Mercedes Formula One team with parent company Daimler AG cutting back its stake, the Formula One champions announced in a statement on Friday.
Ineos, owned by British billionaire Jim Ratcliffe, will become an equal partner in the team together with Daimler and the F1 outfit’s chief executive and team principal Toto Wolff.
As part of the transaction, Daimler will reduce its stake from 60%, while Wolff will up his shareholding from 30%, the statement said.
The announcement clears up Wolff's future with the team with the 48-year-old Austrian staying on as the CEO and team principal for another three years.
Mercedes, who wrapped up a record seventh consecutive title double this season, will continue to race as the works Mercedes outfit, the statement added.
Ineos, which has a number of other sporting investments in running, sailing, cycling and soccer, was unveiled as Mercedes’ principal partner ahead of the start of the 2020 season.
That put the company’s involvement one rung below title sponsorship, which is held by Malaysian oil company Petronas.
(Reporting by Abhishek TakleEditing by Toby Davis)