Toto Wolff signs a new three-year deal at Mercedes through to F1’s 2026 season – as Silver Arrows’ CEO and team principal insists ‘I’m not going to hang on to a position I think somebody is going to do better than me’

Toto Wolff is not going anywhere at Mercedes after signing a new contract with the F1 giants until the end of the 2026 season.

Wolff, who has been with Mercedes for 11 years, will continue in his role as team principal and CEO of Silver Arrows after agreeing to extend his stay there by three years.

The Austrian, who owns a third of the Formula 1 team, announced the new agreement after a meeting with fellow shareholders Ineos and Mercedes-Benz.

The 52-year-old, who guided Mercedes to eight consecutive constructors’ championships from 2014 to 2021, announced the outcome to the Daily telegram: ‘Ultimately, as a shareholder, I want the best return on my investment. And the best return on your investment is winning.

“I’m not going to try to hold on to a position where I think someone will do a better job than me. I make sure I have people around who can tell me otherwise. Finally, the three of us decided, “Let’s do it again.”

Wolff will focus on helping Lewis Hamilton win a record-breaking eighth F1 world title

‘I am part of this team in various positions. I am a co-shareholder. I’m on the board. These are things that don’t change whatever executive or non-executive role I have.

‘But I feel good. The risk for me is always more of a burnout than a burnout. And that’s why I embrace the challenges we face today, even though they sometimes feel very, very difficult to deal with.”

The announcement puts an end to speculation about Wolff’s future in the team’s lead role.

It comes as the team confirmed on Monday that they will unveil their new 2024 car, driven by Lewis Hamilton and George Russell, on February 14 at Silverstone.