Toto Wolff has signed a new three-year deal to remain team principal of Mercedes, while INEOS have beefed up their stake in the team.
Towards the back end of the 2020 season talk of a new contract for Wolff continued to be a hot topic, with the Austrian investor hinting that maybe he was going to scale back his hands-on involvement with the Mercedes Formula 1 team.
But he went on to clarify that he intended to stay in his team principal and CEO role, and that has now been confirmed in the form of a new three-year deal.
Mercedes confirmed though that Wolff will have the “subsequent opportunity to transition to a new executive function within the organisation when he decides it is the right time to do so.”
Wolff has been an integral part of the Mercedes outfit since arriving in 2013, overseeing a run of seven Drivers’ and Constructors’ doubles in a row since 2014.
As well as Wolff’s new deal, it was also announced that the team’s principal partner INEOS have purchased a one-third stake in the Formula 1 team.
In an announcement Mercedes confirmed that Daimler would reduce their 60% stake and Wolff increase his 30% share to create three equal partners.
The team will continue to be known as Mercedes.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. This team is like a family for me,” Wolff told the Mercedes website.
“We have been through so many highs and lows together that I cannot imagine working with a better group of people in this sport – and I am very happy to continue together into this new era.
“This new investment from INEOS confirms that the business case for Formula One teams is robust and sends an important signal of confidence in the sport after a challenging year.
“I am excited to welcome Jim [Ratcliffe], Andy and John to the team as co-owners: they have built one of the most profitable companies in the world, they embody the true spirit of entrepreneurship and their expertise will strengthen our board in the years ahead.
“In parallel, it is a privilege to continue my partnership with Ola, Markus Schäfer and Mercedes-Benz for the coming years.
“We are proud to have added to the brand’s prestigious motorsport heritage since 2010 and we share the ambition to grow the organisation further in the years to come.”