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Thu Apr 24 10:34:07 SAST 2014

Lauda and Wolff become Mercedes shareholders

Reuters | 21 January, 2013 13:240 Comments
2nd CGDC Annual Meeting 2012 - Day 2
Niki Lauda attends the second day of the CGDC annual meeting on May 17, 2012 in Vienna, Austria
Image by: Johannes Simon / Getty Images

Austrians Toto Wolff and Niki Lauda will both become shareholders in the Mercedes GP Formula One team, parent company Daimler said on Monday.

“Daimler AG plans to reorganise its Formula One activities,” a statement said.

“In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd.”

The statement added that Wolff, a shareholder and previously executive director at rivals Williams, will also become executive director of Mercedes GP.

“Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula One racing team.”

Mercedes have 2008 world champion Lewis Hamilton partnering Germany’s Nico Rosberg this season.

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Lauda and Wolff become Mercedes shareholders

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