Toto Wolff is in final negotiations to sell part of his shareholding in the Mercedes F1 outfit.
The deal values the Mercedes team at £4.6bn – a record for an F1 team – after the McLaren team were valued at £3.5bn in a change of ownership structure in September.
The Austrian executive, who holds a 33% stake of the Mercedes F1 operation, plans to divest a shareholding in the region of 5%.
Wolff, aged 53 would stay on as team principal and chief executive officer should the deal proceed.
Ownership Structure
The other shareholders in Mercedes F1 are Mercedes-Benz and industrial group Ineos Group, who each also own a third of the company.
A Mercedes spokesperson said: "We are providing no comment on this. The governance of the team will remain unaltered, and each shareholder are fully committed to continued achievements of Mercedes-Benz in F1."
Valuation Increase
The deal would represent a significant increase in worth of the Mercedes team after Ineos Group acquired its share for £208m in 2022.
The rise reflects the expansion in market values of F1 teams in the past few years as a consequence of the growing popularity of Formula 1 around the world.
This trend was evident with the success of the Formula 1 film starring Brad Pitt, which debuted last summer and has grossed over $630m (£458m) at the box office.
The film represents Pitt's most successful film and the highest-earning sports film to date.
Present Standings
The Mercedes team are second in the constructors' championship, behind McLaren, 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 drivers' championship after McLaren drivers Lando Norris and Oscar Piastri, and Red Bull's Max Verstappen.
The team won a record eight consecutive team titles and seven driver championships, six for Lewis Hamilton and one for Nico Rosberg, from 2014 to 2021.
