Team boss Toto Wolff says INEOS buying into the Mercedes F1 Team will accelerate Formula 1’s is turn “to real sports franchises”.
It was announced in December that British chemicals company INEOS will become an equal shareholder of the Mercedes F1 Team with Daimler and Toto Wolff. The Austrian believes it is “a turning point in Formula 1”.
“We are looking at a turning point in Formula 1 because teams have always fought for resources in order to perform on track, and now it’s turning to real sports franchises,” explained Wolff.
“We are capped with a financial limit which means chassis teams will turn profitable, and that’s why it becomes interesting.
“The US sports led this transformation 10 years ago and are valuable franchises today, and having Jim [Ratcliffe, INEOS chairman] and INEOS on board, we can accelerate that transition even more.
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Wolff also believes INEOS is the perfect partner to take the team into the future.
“INEOS is just a very impressive company, and the moment I got to meet Jim and his business partners, it was clear we shared the same mindset.
“INEOS is not only a very successful company, very profitable, but they are being led with a very entrepreneurial mindset.
“[It is] fast, about taking the right opportunity at the right time, and they have tremendous experience in the world of sports, so I think we can nurture each other,” concluded the Austrian.