Toto Wolff is engaged in advanced talks to offload a portion of his shareholding in the Mercedes Formula 1 team.
The deal values Mercedes at £4.6bn – a record for an F1 team – following McLaren were valued at £3.5 billion in a change of ownership structure in September.
The Austrian executive, who owns a 33% stake of Mercedes F1, plans to divest a shareholding in the region of five percent.
Wolff, aged 53 would stay on as team boss and CEO should the deal proceed.
Shareholder Structure
The other shareholders in Mercedes F1 are Mercedes and chemicals giant Ineos Group, who both hold a third of the company.
An official representative said: "We are providing no comment on this. The management structure of the team will remain unchanged, and each shareholder are dedicated to continued achievements of the brand in Formula One."
Valuation Increase
The deal signifies a significant increase in value of the Mercedes team after Ineos acquired its stake for £208 million in 2022.
The rise reflects the expansion in market values of F1 teams recently as a consequence of the increasing appeal of the sport globally.
This trend was evident with the box-office performance of the F1 movie starring Hollywood star Brad Pitt, which was released last summer and earned more than $630 million (£458 million) at cinemas worldwide.
The film represents the actor's top-grossing film and the most successful sports film to date.
Current Performance
The Mercedes team are runner-up in the team standings, trailing McLaren Racing, with three races left this season.
Their lead driver British driver George Russell has won 2 of the 21 races so far and is fourth in the individual standings behind McLaren drivers Lando Norris and Oscar Piastri, and Red Bull Racing's Max Verstappen.
Mercedes secured a unprecedented eight straight team titles and seven drivers' titles, six won by Lewis Hamilton and one for Nico Rosberg, between 2014 and 2021.
