Toto Wolff says he will be leading Mercedes into a new chapter following confirmation of a new contract as team principal and CEO alongside fresh investment.
Principal partner INEOS has purchased an equal third stake in the team with Wolff and Daimler, as the latter reduces its shareholding from 60%. As part of the new shareholding structure, Wolff has committed to another three years in charge of the team, and says the news is a sign of the faith partners have both in Mercedes and the future of Formula 1 itself.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 team,” Wolff said. “This team is like a family for me. 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 1 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 (Currie) and John (Reece) 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 (Kallenius), Markus Schaefer 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 organization further in the years to come.”
As part of Wolff’s new contract, Mercedes says the team principal and CEO “will have the subsequent opportunity to transition to a new executive function within the organization when he decides it is the right time to do so.”