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Toto Wolff is engaged in advanced talks to offload part of his shareholding in the Mercedes Formula 1 team.

This transaction estimates Mercedes at £4.6bn – an unprecedented figure for a Formula 1 squad – following the McLaren team were valued at £3.5bn in a change of ownership structure last September.

Wolff, who holds one-third of the Mercedes F1 operation, plans to divest a shareholding in the region of 5%.

The 53-year-old will remain as team principal and chief executive officer should the deal proceed.

Shareholder Structure

Remaining partners in Mercedes F1 are Mercedes and industrial group Ineos Group, who both hold one-third of the enterprise.

A Mercedes spokesperson stated: "We will be making no comment on the matter. The governance of Mercedes F1 stays unchanged, and all three partners are dedicated to continued achievements of Mercedes-Benz in Formula One."

Valuation Increase

This arrangement would represent a significant increase in worth of the Mercedes team after Ineos Group acquired its share for £208m in 2022.

The rise reflects the growth in valuations of F1 teams recently due to the increasing appeal of Formula 1 around the world.

This was also seen in the box-office performance of the F1 movie starring Brad Pitt, which debuted last summer and earned over $630 million (£458 million) at the box office.

The film represents Pitt's most successful film and the most successful sports movie ever released.

Present Performance

The Mercedes team are runner-up in the team standings, trailing McLaren, with three Grands Prix remaining this season.

Their lead driver George Russell has secured victory in two of the 21 races so far and is in fourth place in the individual standings after McLaren's Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.

The team won a unprecedented eight consecutive constructors' championships and seven drivers' titles, six won by Lewis Hamilton and one for Nico Rosberg, between 2014 to 2021.