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toto wolff mercedes f1 team manager new contract

Wolff: Let’s do it again [until the end of 2026 at least]

Toto Wolff will remain Mercedes F1 team principal and CEO until at least the end of the 2026 Formula 1 World Championship season, according to a report in the Telegraph.

Speaking to the British media outlet, Wolff revealed that after a meeting with the team’s main shareholders, Ineos and Mercedes-Benz, they agreed to an extension of his contract that has run for 11 years. A period in which he built and led one of Formula 1’s mightiest teams.

Although winless in 2023, Mercedes under Wolff won 15 F1 titles in eight years from 2014 until 2021, their lengthy reign (in F1 terms) was only recently halted by Red Bull and Max Verstappen, who have simply replaced the Silver Arrows as the team to beat at the highet level.

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Nevertheless, the 52-year-old is committed to the cause, as he revealed in the Telegraph piece: “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.”

Formula 1 has been extremely lucrative for Toto

Formula 1 has been very lucrative for Toto wolff

“In the end, the three of us decided: Let’s do it again,” revealed Wolff, and added: “I’m part of this team in various functions. 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 ‘burn-out’ and that’s why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage,” added Wolff in closing.

Hostroy shows that F1 has been very lucrative for Wolff who is currently worth a whopping $1.6-billion according to Forbes. The Austrian reportedly (Source: Sportune) earns $17.5-million per year salary from Mercedes for his various motorsport roles for the German manufacturer.

Wolff’s extension as Mercedes TP, comes in the wake of his less fortunate counterpart Guenther Steiner who was shown the door by the American team he led for a decade.

Mercedes confirmed that on Wednesday 14 February, they will reveal their 2024 F1 car which Lewis Hamilton and George Russell will drive this season. Testing runs from 21-23 February at Bahrain International Circuit.

Big Question: Toto Wolff staying until at least 2026 is a good or bad thing for Mercedes?