Saturday, 18 April 2020 15:22

 

Toto Wolff and Lewis Hamilton, Photo: Mercedes.

Mercedes F1 team principal Toto Wolff has bought a stake in Aston Martin.

The British sportscar company is controlled by Canadian billionaire Lawrence Stroll, owner of the Racing Point F1 team, which will be rebranded as Aston Martin in 2021.

Wolff has bought a stake of just under 5%, which will become 0.95% after a rights issue in Aston Martin on Monday.

A Mercedes spokesman said the move did not affect Wolff's role as an executive and shareholder at Mercedes F1.

He said Wolff's purchase was "a financial investment".

Stroll's takeover of Aston Martin was approved by shareholders earlier this month. He became executive chairman after injecting £260m of new capital.

Wolff has bought nearly 14.5m shares. The current market price of Aston Martin shares is 55p, giving him a shareholding worth £7.975m at today's prices.

Wolff owns 30% of the Mercedes team and is in negotiations with Ola Kallenius, chairman of parent company Daimler, about an extension of his contract beyond the end of this year.

Daimler is also a shareholder in Aston Martin, having taken 5% of shares in 2013 in return for supplying engines and electronic components.

Mercedes have won the past six Formula One drivers' and constructors' titles but have six-time world champion Lewis Hamilton out of contract at the end of the 2020 season, which has yet to start due to the Covid-19 pandemic.

Hamilton, who has also been linked to Ferrari, had told reporters before the global crisis changed the sporting and financial landscape that his decision would depend on Wolff's plans.

The Briton is now expected to stay at Mercedes, with a radical overhaul of Formula One's sporting and technical regulations postponed to 2022.

 

Source:News Agencies.