Daimler has decided to reorganize its Formula 1 activities by signing on Austrian investor and motorsport manager Toto Wolff and Niki Lauda the non executive chairman of MGP. Signing of the letter of intent will cause Wolff to acquire a stake in Mercedes Benz Grand Prix Ltd., with Niki Lauda too acquiring a significant stake in this subsidiary.
The signing now formulates that Ross Brawn along with Wolff and Lauda will effectively make up the management committee of MGP. Toto Wolff has a lot of experience in the motorsport field in relation to the necessities one needs to under see during course of an event and miscellaneous factors. With Wolff at their side, MGP can hope to propel their cars into the future during later motorsport events.
Currently Wolff is working with Williams and though he will be leaving the team, he will continue to be a shareholder. Toto Wolff started his association with motorsports during 1992 and in ’98 he founded a number of venture companies showcasing his love for the sport. He has also invested in HWA AG, who is a partner of Mercedes Benz in DTM racing circuits.