The latest auto news, reviews, prices, product and vehicle releases. Jan
21st
Stay connected Subscribe to our RSS feed
From Daimler press release
German car manufacturer Daimler AG plans to reorganize its Formula 1 activities. In this context, Daimler welcomes two new investors.
Daimler has signed a letter of intent with Austrian investor and motorsport manager Christian “Toto” Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd. (MGP) and will also head that company as its executive director.
Furthermore, former Grand Prix driver 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 1 racing team.
Toto Wolff is to become both a shareholder and executive director of Mercedes-Benz Grand Prix Ltd., and will take over the complete coordination of all Mercedes-Benz motorsport activities.
Toto Wolff started his motorsport career in Formula Sport in 1992. Since 1998, Wolff has founded several venture capital companies. His current investments include an interest in HWA AG, the partner of Mercedes-Benz Motorsport in DTM racing. In November 2009, he acquired a stake in British racing team Williams Grand Prix Holdings PLC and joined its board of directors. Since July 2012, Toto Wolff has been a member of that team's management. Toto Wolff will resign from that position when he joins Mercedes-Benz, but will remain a Williams shareholder.
Christian Wolff is married to Susie Wolff, née Stoddart, and former DTM driver for Mercedes-Benz.
German car manufacturer Daimler AG plans to reorganize its Formula 1 activities. In this context, Daimler welcomes two new investors.
Daimler has signed a letter of intent with Austrian investor and motorsport manager Christian “Toto” Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd. (MGP) and will also head that company as its executive director.
Furthermore, former Grand Prix driver 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 1 racing team.
Toto Wolff is to become both a shareholder and executive director of Mercedes-Benz Grand Prix Ltd., and will take over the complete coordination of all Mercedes-Benz motorsport activities.
 |
| Photo: WRi2 |
Toto Wolff started his motorsport career in Formula Sport in 1992. Since 1998, Wolff has founded several venture capital companies. His current investments include an interest in HWA AG, the partner of Mercedes-Benz Motorsport in DTM racing. In November 2009, he acquired a stake in British racing team Williams Grand Prix Holdings PLC and joined its board of directors. Since July 2012, Toto Wolff has been a member of that team's management. Toto Wolff will resign from that position when he joins Mercedes-Benz, but will remain a Williams shareholder.
Christian Wolff is married to Susie Wolff, née Stoddart, and former DTM driver for Mercedes-Benz.
 |
| Susie Wolff, Mercedes. (Photo: DTM) |