Toto Wolff announces huge new Mercedes contract

Toto Wolff net worth rise — Photo: © LAT Images

F1 News & Gossip

Toto Wolff announces huge new Mercedes contract

He will now be with the team until at least the end of 2026

Chris Deeley

Tuesday 16 January 2024 02:57

Toto Wolff has signed a new contract to retain his position as Mercedes' team principal, which will run until the end of the 2026 season.

Earlier this week, The Telegraph broke the news that Wolff - the Austrian mastermind behind Mercedes' unprecedented F1 dominance over the last decade - has inked a fresh deal, safeguarding his future with the Brackley squad.

This move solidifies Wolff's influence not only within Mercedes but also across the entire motorsport landscape.

Article continues under video

Owning a significant 33 per cent stake in the team, Wolff is more than just a team boss; he's an invested architect of their success.

Since joining in 2013, his leadership has yielded a staggering eight consecutive constructors' titles, accompanied by seven drivers' championships - a testament to his strategic brilliance and relentless drive.

Both Lewis Hamilton and team-mate George Russell have recently signed new deals to stay as team-mates until the end of the 2025 season at least

Toto Wolff masterminded eight consecutive constructors' championship titles between 2014-2021

Toto Wolff will remain as Mercedes team principal until at least the end of 2026

Toto Wolff signs contract extension

Commenting on the contract extension, Toto Wolff told The Telegraph: "I think the most important thing between the three of us is that we trust each other.

"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'.

"I'm part of this team in various functions," he continued. "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."

Mercedes to challenge Red Bull in 2024

Christian Horner, left, and Toto Wolff, right, pictured in the paddock

Wolff's extension means that he will be around for the sweeping changes in F1 regulations that are set to come in 2026, with opportunities for teams like Mercedes to get ahead of their competitors.

The Austrian, however, is more focused on the opportunity to catch the dominant Red Bull team in the short-term.

"Always believe it’s possible," he said. "You cannot start the season with an attitude of ‘This is not going to be possible.’ We saw last year with McLaren, what a huge step they made with a single upgrade.

"We’ve signed a two year deal with Lewis, and we owe it to him, to George and to all the team to give it our full attention in 2024 and 2025. I think it’s possible."

Mercedes Toto Wolff Michael Schumacher