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Toto Wolff is engaged in advanced talks to offload a portion of his shareholding in the Mercedes Formula 1 team.

This transaction estimates the Mercedes team at £4.6 billion – a record for a Formula 1 squad – following the McLaren team were valued at £3.5 billion in a change of corporate structure in September.

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

The 53-year-old would stay on as team boss and CEO if the sale goes through.

Ownership Structure

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

An official representative said: "We will be making no official statement on this. The governance of Mercedes F1 stays unaltered, and each shareholder are fully committed to the ongoing success of Mercedes-Benz in Formula One."

Valuation Increase

This arrangement signifies a significant increase in worth of Mercedes F1 after Ineos Group bought its share for £208m in 2022.

This surge demonstrates the expansion in valuations of F1 teams in the past few years as a consequence of the growing popularity of the sport around the world.

This trend was evident with the success of the Formula 1 film starring Hollywood star Brad Pitt, which was released last summer and has grossed over $630m (£458 million) at cinemas worldwide.

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

Present Performance

Mercedes are runner-up in the constructors' championship, trailing McLaren Racing, with three races remaining this season.

Their lead driver British driver George Russell has won two of the 21 races this year and is in fourth place in the individual standings behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.

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