Race to the top
Ineos boss Ratcliffe buys stake in Hamilton’s F1 team
Lewis Hamilton has enjoyed a string of F1 wins in the Mercedes car (pic. Macau Photo Agency)
Sir Jim Ratcliffe’s chemicals and fledgling car manufacturer Ineos, has taken a minority stake in the Lewis Hamilton led Mercedes Formula One team.
Daimler will reduce its own stake in Mercedes-AMG Petronas from 60% to 33%. Toto Wolff, the team’s CEO, will raise his stake from 30 to 33%.
The Sun reports that the announcement is with Ola Källenius, who is chairman of the board of management of Daimler AG and Mercedes-Benz AG, and Wolff.
Sir Jim, estimated to be worth more than £13 billion, owns a chunk of the Grangemouth chemicals complex and will add the F1 team to his company’s sports portfolio.
His acquisitions also include French football giants, Nice, cycling team Ineos Grenadiers and the British entrant to the Americas Cup.
He is currently planning to build his Grenadier version of the Land Rover Defender in France.
Hamilton is due to sign a new £40 million contract with Mercedes..