LONDON: Chemicals giant Ineos is taking a one-third share in Lewis Hamilton's Mercedes team alongside parent company Daimler and team principal Toto Wolff, the Formula One champions announced last week.

Ineos, owned by British billionaire Jim Ratcliffe, will be an equal partner in the team. Daimler will reduce its current 60 percent shareholding and Wolff will increase his current 30 percent.

Under the new structure, Wolff, 48, will continue in his role as team principal and CEO for a further three years.

Ineos, which has a growing sports portfolio including football, cycling and sailing interests, was announced as Mercedes' principal partner earlier this year.

The British-based Mercedes team have won seven consecutive double world championships — drivers' and constructors' championships — since 2014.

"Big challenges are a core part of our mindset at Ineos and our involvement across a number of different sports demonstrates that we always aim for the very best," said Ineos chairman Ratcliffe.

"When we entered Formula One earlier this year, we chose to do so with a Mercedes team that had set new benchmarks, and since then we have been in discussions about how we could increase our involvement."

Wolff said: "This new investment from Ineos confirms that the business case for Formula One teams is robust and sends an important signal of confidence in the sport after a challenging year."

British world champion Hamilton is yet to sign a new contract at Mercedes but looks set to stay.

A post on the team's official Twitter page on Thursday carried the hashtag "announce" accompanied by the "coming soon" and "pen" emojis along with a quote from Hamilton expressing his desire to stay with Mercedes.

The 35-year-old won a record-equalling seventh Formula One title last month, six of which have come since his switch from McLaren to Mercedes in 2013.

Keywords