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Mercedes team boss Toto Wolff has made a personal investment in Aston Martin. The Austrian bought a 4.77% stake in the manufacturer.
The news comes after weeks of rumours that Wolff might be joining Lawrence Stroll when he rebrands his Racing Point team as Aston Martin is 2021. However, according to statements made by Mercedes and Wolff himself, this transaction will not change his position as Mercedes’ team principal.
It has been made clear that Wolff’s acquisition of the 4.77% stake in Aston Martin is a personal investment and doesn’t represent a conflict of interest, as Mercedes’ parent company Daimler AG also owns a 5% stake in the manufacturer. Reportedly the transaction was worth £37 million. Furthermore Mercedes reported that Wolff’s stake will be diluted to 0.95% next week.
“Fully diluted following the pending rights issue, this investment will represent a 0.95% stake in the company,” said a Mercedes spokesperson.
“It is a financial investment and Toto’s partnership and executive role with Mercedes are unaffected by the transaction.”
Wolff’s contract with Mercedes will expire at the end of 2020, but the Austrian recently confirmed there will be no change in the relationship “in the short term”.
Source: autosport.com
