Toto Wolff, team principal and chief executive of the Mercedes Formula 1 (F1) motor racing outfit, has agreed to a deal to remain in his posts until the end of 2026.
The 52-year-old Wolff has now told media about the three-year contract renewal.
He has been at Mercedes since January 2013 and owns around one-third of the team. Ownership of the outfit is equally split between Wolff, the Mercedes-Benz automotive giant, and a subsidiary of the Ineos petrochemicals company (which took its stake in early 2020).
Speaking to the Daily Telegraph newspaper, Wolff said: "At the end of the day, as a shareholder myself, I want the best return on investment. And the best return on investment is winning.
"I'm not going to try to hang on to a position that I think somebody is going to do better than me. I make sure that I have people around who can tell me otherwise. In the end, the three of us [Wolff, and the hierarchy at Mercedes-Benz and Ineos] decided: 'Let's do it again’.”
He added: “The risk for me is always more bore-out than burnout. And that's why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage."
The UK-based outfit won eight F1 constructors’ (team) titles in a row between 2014 and 2021, but have finished second for the last two seasons, behind rivals Red Bull. Indeed, last season they failed to win a single race.
The 2024 F1 season begins on March 2 in Bahrain.
Earlier this month, a contract extension between the Williams F1 outfit and the wider Mercedes organization was unveiled.
Williams Racing will continue to use Mercedes power units when new F1 engine regulations are introduced in 2026 after striking a contract extension until at least 2030.
The deal comes as F1 teams prepare for the new engine measures, which will feature fully sustainable fuels and a greater output of electric power as part of its efforts to become net carbon zero from 2030.
As the 2023 F1 season came to an end, Mercedes announced commercial deals with SAP, the software systems giant, and with instant messaging application WhatsApp.