Toto’s future with Mercedes has been speculated on for some time now with Wolff himself stating he is not sure what the future holds for him. Well the speculation ends today as Mercedes AMG Protronas F1 have confirmed he will stay on as Team Principle for a further 3 years. He has also secured in his contract the ability to transition to a new executive position when he feels the time is right.
“I am pleased to begin this new chapter for the Mercedes-AMG Petronas F1 Team. 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 One teams is robust and sends an important signal of confidence in the sport after a challenging year. I am excited to welcome Jim, 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.”Toto Wolff
With this news comes another huge announcement from the team. That INEOS in addition to being the team’s principle partner will also become an equal shareholder. Meaning Daimler will reduce their 60% stake and Toto will increase his current 30% shareholding to create three equal partners.
“We are delighted to welcome INEOS to our Formula One joint venture as a fellow shareholder. It is a sign of the strength of the organization in Brackley that we have been able to attract prestigious investors in INEOS, who see real potential for the future growth and development of the team. We remain firmly committed to Formula One, and the forthcoming cost cap along with the new shareholding structure put us in an even stronger position for continued success. With an even closer alignment to our Mercedes-AMG performance division beginning in 2021, and Toto’s continued leadership in the coming years, the future is bright for Mercedes-Benz in Formula One.”Ola Källenius Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG
It seems the only loose end left to tie up is the future of star driver Lewis Hamilton. It is almost certain he will re-sign, with him being quoted as saying he wants his contract confirmed before Christmas. Many people believed, despite what Toto or Hamilton say to the contrary that Lewis was waiting on a decision from Wolff before he played his hand. Now this decision has been made it is inevitable that an announcement regarding Hamilton will be incoming.