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Jan 21, 2013 at 05:31pm IST

Lauda and Wolff become Mercedes shareholders

London: Austrians Toto Wolff and Niki Lauda will both become shareholders in the Mercedes GP Formula One team, parent company Daimler said on Monday.

"Daimler AG plans to reorganize its Formula One activities," a statement said.

"In this context, Daimler has signed a letter of intent with Austrian investor and motorsport manager Toto Wolff, according to which Wolff will acquire a significant minority interest in the Daimler subsidiary Mercedes-Benz Grand Prix Ltd."

Lauda and Wolff become Mercedes shareholders

Austrians Toto Wolff and Niki Lauda will both become shareholders in the Mercedes GP Formula One team.

The statement added that Wolff, a shareholder and previously executive director at rivals Williams, will also become executive director of Mercedes GP.

"Niki Lauda, currently non-executive chairman of MGP, will also acquire a stake in the company. Together with Ross Brawn, Lauda and Wolff will complete the management of the Mercedes-Benz Formula One racing team."

Mercedes have 2008 world champion Lewis Hamilton partnering Germany's Nico Rosberg this season.

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