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

The deal values Mercedes at £4.6 billion – an unprecedented figure for a Formula 1 squad – after the McLaren team were valued at £3.5 billion in a change of corporate structure in September.

The Austrian executive, who owns one-third of the Mercedes F1 operation, would sell a stake in the region of 5%.

The 53-year-old would stay on as team principal and chief executive officer should the deal proceed.

Shareholder Structure

Remaining partners in Mercedes F1 are Mercedes-Benz and chemicals giant Ineos Group, who each also own one-third of the company.

A Mercedes spokesperson stated: "We will be making no official statement on this. The governance of the team stays unaltered, and all three partners are fully committed to continued achievements of the brand in F1."

Valuation Increase

The deal signifies a significant increase in value of the Mercedes team after Ineos bought its share for £208m in 2022.

The rise reflects the expansion in valuations of Formula 1 outfits in the past few years due to the increasing appeal of Formula 1 globally.

This trend was evident with the box-office performance of the F1 movie featuring Hollywood star Brad Pitt, which was released in summer 2023 and earned over $630m (£458 million) at cinemas worldwide.

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

Present Performance

The Mercedes team are runner-up in the constructors' championship, trailing McLaren Racing, with three Grands Prix left this season.

Their lead driver George Russell has won two of the 21 grands prix so far and is fourth in the individual standings after McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.

Mercedes won a record eight straight constructors' championships and seven driver championships, six for Lewis Hamilton and one for Nico Rosberg, from 2014 to 2021.