Toto Wolff extends his contract with Mercedes as Team Principal for three years

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With the assurance of a multi-year contract extension, Toto Wolff, Mercedes team principal and F1 chief executive, plans to remain around.

Photo Credit: Mercedes AMG PETRONAS F1 Team

Wolff is currently one-third owner of the Mercedes Formula One team alongside Daimler and INEOS, after first purchasing into the Williams team. He departed Williams before the 2013 Formula 1 season.

The former racing driver informed The Telegraph that he has fresh contracts in place, meaning he will continue to have authority over the team until the end of 2026.

From 2014 through 2021, Mercedes won eight constructors’ titles in a total of eight seasons. In 2023, they placed second, behind Red Bull.

“I think the most important thing between the three of us is that we trust each other,” Wolff said.

“At the end of the day, as a shareholder myself, I want the best return on investment. And the best return on investment is winning.”

“I’m not going to try to hang on to a position that I think somebody is going to do better than me. I make sure that I have people around who can tell me otherwise. In the end the three of us decided: ‘Let’s do it again’.”

Once known to Mercedes, Red Bull is now F1’s dominating power. However, Wolff shows no signs of being affected by this intensity; on the flip side, he is willing to take on the responsibility of the upcoming challenges, which is why he chose to sign a fresh contract.

I’m part of this team in various functions,” Wolff added. “I’m a co-shareholder. I’m on the board. These are things which will not change whatever executive, or non-executive, role I have.”

But I feel good. The risk for me is always more bore-out than burnout. And that’s why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage.”

Wolff further commented on the topic of whether this new Mercedes agreement contains any performance-related restrictions by saying: “I’ve never had a performance clause. You either trust each other or you don’t. And we are aligned as shareholders.”

In 2024 season, Mercedes will be aiming for a ninth Constructors’ title while Lewis Hamilton will be taking another go at a record-breaking eighth World Championship.

Photo Credits: Mercedes AMG PETRONAS F1 Team