F1: Totto Wolff signs new deal to stay as Mercedes Boss

Totto Wolf signs new deal to stay as Mercedes head

Toto Wolff has extended his stay as team principal and chief executive of the Mercedes Formula One team for a further three years.

The team confirmed the deal as part of a re-structuring which will see INEOS become a one-third shareholder within the team.

Under the new arrangement, Daimler will reduce its current 60 per cent holding and Wolff increase his existing portion to create three equal partners within the team.

In a statement published to the team’s website, Wolff said:

‘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.’