Toto Wolff has signed a three-year deal to stay on as the team principal and chief executive of Mercedes F1.

Wolff, who owns a third of Mercedes F1, told the Telegraph, external that he has extended his contract until the end of 2026.

Mercedes won eight constructors’ titles in eight seasons between 2014 and 2021 and finished second behind Red Bull in 2023.

“I’m not going to try to hang on to a position that I think somebody is going to do better than me,” Wolff said.

“I make sure that I have people around who can tell me otherwise. In the end the three of us decided: ‘Let’s do it again’.”

Wolff, 52, has been with Mercedes since January 2013.

The team is equally owned by Mercedes-Benz, Austrian Wolff and a subsidiary of Ineos, which is controlled by Manchester United investor Sir Jim Ratcliffe.

Mercedes’ Lewis Hamilton finished third in the drivers’ championship last season but the team has won only one race since 2021.

The 2024 F1 season begins with the Bahrain Grand Prix, from 29 February-2 March.