Toto Wolff is in advanced talks to offload part of his ownership stake in the Mercedes Formula 1 team.
The deal values Mercedes at £4.6bn – an unprecedented figure for an F1 team – following the McLaren team were valued at £3.5bn in a change of corporate structure last September.
The Austrian executive, who holds a 33% stake of Mercedes F1, would sell a stake in the region of five percent.
Wolff, aged 53 would stay on as team principal and CEO if the sale goes through.
Shareholder Structure
The other shareholders in the team are Mercedes and industrial group Ineos, who each also own a third of the company.
A Mercedes spokesperson said: "We will be making no official statement on this. The governance of the team will remain unaltered, and all three partners are dedicated to the ongoing success of the brand in Formula One."
Valuation Growth
The deal would represent a substantial rise in value of the Mercedes team after Ineos acquired its share for £208 million in 2022.
This surge demonstrates the growth in valuations of Formula 1 outfits in the past few years due to the growing popularity of Formula 1 around the world.
This was also seen in the box-office performance of the F1 movie starring Hollywood star Brad Pitt, which debuted last summer and has grossed more than $630m (£458m) at the box office.
The film represents the actor's top-grossing film and the highest-earning sports film ever released.
Present Standings
Mercedes are second in the constructors' championship, trailing McLaren Racing, with three Grands Prix left this season.
Mercedes' primary racer British driver George Russell has won 2 of the 21 races this year and is in fourth place in the drivers' championship behind McLaren's Lando Norris and Oscar Piastri, and Red Bull'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.
