Mercedes motorsport boss Toto Wolff has acquired a stake in Aston Martin, but the Austrian remains firmly committed to the world championship winning Silver Arrows squad.
Wolff reportedly invested £37 million in the legendary British sports car company whose investors’ base has been overhauled thanks to Racing Point owner Lawrence Stroll whose consortium has provided a fresh influx of cash to the beleaguered automobile manufacturer.
Rumors emerged recently that Wolff – a close friend of the Canadian billionaire – was being lined up as Aston’s future chief executive, but for now the Mercedes’ boss involvement is limited to a personal investment.
Wolff talks with Mercedes on backburner amid crisis
As a reminder Mercedes’ parent company Daimler is a long-time investor in Aston Martin Lagonda as well as and an important supplier to the company.
Wolff personal stake reportedly represents a 4.77% holding that will be cut back to just under 1% following a dilutive rights issue that is scheduled to take place next week.
“Fully diluted following the pending rights issue, this investment will represent a 0.95% stake in the company,” said a spokesperson for Mercedes, dismissing any notion of conflict of interest.
“It is a financial investment and Toto’s partnership and executive role with Mercedes are unaffected by the transaction.”
Wolff is now in his eighth year at Mercedes but in the final year of his current contract with the manufacturer. However, all signs point to a status quo for 2021 although Mercedes itself has yet to renew its commitment to Formula 1.
Wolff, who holds a 30% stake in the Mercedes F1 team, also said recently that discussions with Mercedes regarding his future have been “pushed into the background” by the current coronavirus crisis.
Next year, Racing Point – to which Mercedes supplies its engines – will be rebranded Aston Martin in a bid to elevate the brand’s image and to help both partners leverage on each other’s technologies.
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