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Takeover rumors happened in February when Ineos became a sponsor with the Formula One Team. Those rumors have not gone away and I believe they are true and still likely to happen.
We have all been wondering why Toto Wolff the Mercedes Formula One team Principal hasn't signed a new deal yet. This along with Lewis Hamilton has been the two key signatures Mercedes has not finalised as yet. What is there to negotiate as we are one race away from the end of the season and nothing has been agreed.
Eddie Jordan the owner of Team Jordan from many years ago and one time boss of Toto Wolff let something slip the other day. Ineos a major sponsor of Mercedes and a client of Mercedes Formula One for their other sporting ventures has an interest in buying the team. This was something that was rumored already back in February and starts to make sense now. He has advised Toto to take the deal and leave Formula One for now.
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Toto Wolff has shares in 3 Formula One teams being Williams, Aston Martin and Mercedes so if he did leave he still has options.
Toto Wolff to be fair cannot achieve much more success with what he has already done securing 7 World Constructors titles in 7 years. Another one is not going to make a huge difference really and what next? He owns 30 percent of the team so sell while you are still on top of your game. Apparently the new deal would include a buyout of his shares leaving Mercedes with 30% and Ineos 70%. The deal is reported to be worth more than 700 million Pounds so Toto looks set to pocket 210 million Pounds if this goes through.
The possibility of selling the shares and being given some more shares in the new team could be a possibility though. This is not straightforward and why this is taking longer than expected to resolve. Toto denied Ineos purchasing the team which obviously he would do as he has so much to gain and lose at the same time. There must be a confidentially clause where this cannot be discussed anyway and keeping this sensitive matter quiet is in everyone's interests.
Hamilton is in a similar position as he wants a hefty pay increase along with a new contract. Ineos aren't exactly struggling being solely owned by one of the richest men on the planet and Hamilton will get his price by waiting for the deal to happen.
The two of them have been cagey with the press over the last 6 months with Hamilton stating he is waiting on Toto and seeing what the future holds going forward. This didn't make much sense and it clearly does now as new owners are sure to be stepping in. This must be announced very soon and has to be done before the new season starts early next year which is looming larger and larger in the rear view mirror.
Toto may or may not stay on as he has so many avenues that he could go down. Aston Martin may want his services along with Williams but see him stepping back in a more distant role. Toto may or may not stay in motor sport as he has to leave in order to come back as he wants to challenge for the top job in the FIA who are the governing body of track racing.
Hamilton wanted to remain with Mercedes and now will be with Ineos but still having a Mercedes connection as that is still the engine the team uses. I don't think Hamilton is as happy as what Toto might be as one is a motoring giant and the other a chemical giant and totally different fields. Hamilton will sign on but it will be with less enthusiasm as he had his heart on doing something with Mercedes after he had retired.
Whatever happens over the next month the Mercedes/Ineos team have the experience and knowhow to survive. As a business move this seems right for Toto to sell while they are at the pinnacle of the sport.