Mercedes F1 co-owner Toto Wolff will stay on as team principal for at least another three years.
Wolff is one of three equal shareholders in the F1 team, owning a third of the company along with car company Mercedes and chemical giant INEOS.
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After two difficult seasons in which the team managed just one win and Red Bull made it the dominant force within the sport, there was speculation whether Wolff would continue in his day-to-day role as team principal or step down. Again.
But after holding conversations with INEOS owner Jim Radcliffe and Mercedes-Benz CEO Ola Kallenius, Wolff said all three had agreed to take over.
„The most important thing between the three of us is that we trust each other,” Wolff said Daily Telegraph on Monday. „At the end of the day, as a shareholder, I want the best return on investment. The best return on investment wins.
„I'm not going to get hung up on the fact that I think someone will do better than me. I make sure there are people around me who can tell me otherwise. In the end, the three of us decided: 'Let's do this again'.”
Wolff has been a Mercedes partner and team principal since joining Williams in 2013. In that period, Mercedes has won seven drivers' titles and eight constructors' titles, the longest stretch of single-team dominance in F1's history.
He said he is still motivated to stay in his role and confirmed his role in the team is not in question.
„I am part of this team in various functions,” the 52-year-old added.
„I'm a co-shareholder. I'm on the board. This doesn't replace any executive or non-executive role I have. But I feel good.
„Danger for me is always more boring than exhausting. That's why I accept the challenges we face today, even if they are sometimes very difficult to manage.”
The new deal sees him as team principal in the first year of F1's next regulatory change in 2026.
Wolff confirmed that a continuation of Mercedes' disappointing form over the past two years will not affect his position before his new contract expires.
„I never had a performance rule,” he said. „You either trust each other or you don't. We're joined as partners.”
Mercedes will launch its 2024 car, the W15, on February 14 through an online event. Lewis Hamilton and George Russell will continue as the team's drivers this year after signing new two-year contracts.
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