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Toto Wolff is engaged in advanced talks to sell part of his shareholding in the Mercedes Formula 1 team.

The deal estimates Mercedes at £4.6 billion – an unprecedented figure for an F1 team – after the McLaren team was appraised at £3.5bn in a change of corporate structure last September.

Wolff, who owns one-third of the Mercedes F1 operation, plans to divest a stake approximately five percent.

Wolff, aged 53 would stay on as team principal and chief executive officer should the deal proceed.

Ownership Breakdown

The other shareholders in the team are Mercedes-Benz and industrial group Ineos, who both hold a third of the company.

An official representative said: "We are providing no official statement on the matter. The management structure of Mercedes F1 will remain unchanged, and each shareholder are fully committed to continued achievements of Mercedes-Benz in Formula One."

Financial Growth

The deal signifies a substantial rise in value of the Mercedes team after Ineos Group acquired its stake for £208m in 2022.

This surge demonstrates the expansion in market values of F1 teams recently due to the growing popularity of the sport around the world.

This trend was evident with the box-office performance of the Formula 1 film starring Hollywood star Brad Pitt, which debuted last summer and earned over $630 million (£458 million) at the box office.

It is the actor's top-grossing movie and the most successful sports film ever released.

Current Standings

The Mercedes team are runner-up in the team standings, behind McLaren, with three races remaining in the current championship.

Mercedes' primary racer George Russell has secured victory in two of the 21 races so far and is in fourth place in the drivers' championship behind McLaren's Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.

Mercedes won a unprecedented eight straight team titles and seven drivers' titles, six won by Lewis Hamilton and one for Nico Rosberg, from 2014 to 2021.