Toto Wolff says he has signed new three-year contract to extend stay at Mercedes - 'Let’s do it again'

Toto Wolff has said that he has put pen to paper on a new-year three contract with Mercedes.

There had been speculation surrounding the Austrian's future with the Formula One team, but he has revealed that he has extended his stay until the end of the 2026 season.

Wolff, who owns a third of the F1 team alongside INEOS and Mercedes-Benz, joined them in 2013 after leaving his role at Williams.

He enjoyed a spell of dominance with Mercedes and guided them to a record eight consecutive Constructors' Championships from 2014 to 2021.

That winning run has since come to an end following the revival of Red Bull, but Wolff believes he is still the right man for the job.

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

“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’.”

Wolff 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 burnout. And that’s why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage.”

Wolff also stressed that the Mercedes drivers were another reason why he decided to extend his time with the F1 team.

Both George Russell and Lewis Hamilton have struggled to keep pace with three-time champion Max Verstappen in recent years.

After the Dutchman clinched the title for a third season in a row, Hamilton revealed that he went through a spell of self-doubt.

However, Wolff has backed his drivers to close the gap by saying that Russell has "met expectations" while he foresees another championship for Hamilton.

“George is our future,” Wolff said. “And you know, when I look at all the young men, of the current Formula One drivers, he’s the one I would want to have in a car.”

He added: “There is a reason Lewis is a seven-time world champion, and has broken all the records…his ability is on a different level. If we are able to give him a car that he actually feels, that drives in a way that he can trust, he will be on the level that’s needed to win the championship - 39 is no age.

“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.”

- - -

TNT Sports presents the premium live sports rights previously carried by BT Sport including the Premier League, UEFA Champions League, UEFA Europa League, UEFA Conference League, Gallagher Premiership Rugby, Investec Champions Cup, EPCR Challenge Cup, MotoGP, Cricket, UFC, Boxing and WWE. The streaming home for TNT Sports in the UK is discovery+, where fans can enjoy a subscription that includes TNT Sports, Eurosport and entertainment in one destination. You can also watch TNT Sports through BT, EE, Sky, and Virgin Media.