Wolff Extends Contract with Mercedes F1 Team for Three Years

Toto Wolff, the chairman and co-owner of the Mercedes team competing in the Formula 1 World Championship, announced today that he has "signed a three-year contract until 2026 to lead the former world champions into the new engine era of the sport." The 52-year-old Austrian stated in an interview with the "Daily Telegraph" that he "still feels he is the best man for the job," a sentiment echoed by Mercedes co-owner, billionaire Jim Ratcliffe, the head of Ineos. Wolff said, "Ultimately, as a stakeholder, I want the best return on investment. The best return on investment is winning, and I will not cling to a position that I believe someone else could do better than me. I am confident that I have a group of people who could tell me otherwise." Mercedes won eight consecutive constructors' titles from 2014 to 2021, an unprecedented achievement, but finished third in 2022 and second last year. Lewis Hamilton, the seven-time world champion, has not won a race since 2021, while the last win for the team in a Grand Prix came from George Russell in Brazil in 2022.