Toto Wolff is engaged in advanced talks to offload a portion of his shareholding in the Mercedes F1 outfit.
The deal values the Mercedes team at £4.6 billion – a record for an F1 team – following the McLaren team were valued at £3.5 billion in a change of ownership structure last September.
The Austrian executive, who owns a 33% stake of the Mercedes F1 operation, plans to divest a stake approximately 5%.
Wolff, aged 53 would stay on as team principal and CEO should the deal proceed.
Ownership Breakdown
The other shareholders in Mercedes F1 are Mercedes and industrial group Ineos, who both hold a third of the company.
A Mercedes spokesperson said: "We will be making no official statement on this. The governance of the team will remain unaltered, and each shareholder are fully committed to the ongoing success of the brand in F1."
Valuation Growth
The deal signifies a significant increase in value of Mercedes F1 after Ineos Group acquired its share for £208m in 2022.
This surge demonstrates the growth in market values of F1 teams in the past few years due to the growing popularity of Formula 1 globally.
This was also seen in the box-office performance of the Formula 1 film featuring Brad Pitt, which was released last summer and has grossed over $630m (£458 million) at cinemas worldwide.
It is the actor's top-grossing movie and the highest-earning sports movie to date.
Current Performance
The Mercedes team are second in the constructors' championship, behind McLaren, with three races remaining this season.
Their lead driver George Russell has secured victory in 2 of the 21 races this year and is fourth in the individual standings behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
The team won a record eight consecutive team titles and seven driver championships, six for Lewis Hamilton and one by Nico Rosberg, between 2014 to 2021.
