Mercedes' Formula 1 team has confirmed a new leadership structure, with chemicals company Ineos acquiring a third of their ownership, alongside Daimler and Toto Wolff, who stays on as team principal.

Ineos, also owners of the cycling team of the same name, have been a sponsor of the cars for the past year, with owner Jim Ratcliffe, Britain's richest man, investing heavily in sport.

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Daimler are reducing their stake from 60%, with Wolff increasing his to a third to create three equal partners.

"We are delighted to welcome Ineos to our Formula One joint venture as a fellow shareholder," said Daimler chairman Ola Källenius

"It is a sign of the strength of the organization in Brackley that we have been able to attract prestigious investors in Ineos , who see real potential for the future growth and development of the team. We remain firmly committed to Formula One, and the forthcoming cost cap along with the new shareholding structure put us in an even stronger position for continued success.

"With an even closer alignment to our Mercedes-AMG performance division beginning in 2021, and Toto's continued leadership in the coming years, the future is bright for Mercedes-Benz in Formula One."

Remarkable Hamilton equals Schumacher's tally of seven world titles

Wolff will also be staying on as CEO and team principal for another three years following reports earlier in the year that he could walk away from the team.

Mercedes have won the last seven Constructors' Championships, with driver Hamilton winning six of the last seven drivers' championships and Nico Rosberg the other. Both were driving Mercedes cars.

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