Formula 1: Mercedes make huge announcement on F1 future
By Asher Fair
Mercedes have announced that Ineos has become a one-third shareholder of the team, with Toto Wolff staying on as team principal and CEO through 2023, news which will likely precede a contract extension for Lewis Hamilton.
They have not yet solidified their driver lineup for the 2021 Formula 1 season, with only Valtteri Bottas under contract through next year after signing a one-year extension back in August, but Mercedes have made additional key announcements about their future in the sport.
Following the team’s seventh consecutive constructor championship in 2020, they have announced that Toto Wolff is set to continue serving as the team principal and CEO through at least the 2023 season.
He is reportedly set to have a subsequent opportunity to transition to a new executive role within the organization, should he decide that is the path he wishes to take.
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Additionally, Ineos, the British multinational chemicals company which serves as a team partner of the Silver Arrows, has taken a one-third stake in the team to become equal shareholders with Daimler and with Wolff himself. This change reduces Daimler’s stake in the team from 60%, and it slightly increases Wolff from 30%.
This news, which had been rumored for quite some time, will likely precede a contract extension for seven-time world champion Lewis Hamilton.
Hamilton and the team have made clear that they plan to get an extension done in the near future despite rumors suggesting otherwise.
With Wolff tied down for another three years despite rumors that he may be leaving, it appears as though an extension is close. The seat alongside Bottas is one of only two remaining open seats on the grid for 2021, with the other being the seat alongside Max Verstappen at Red Bull.
Whether or not Hamilton’s deal will resemble Wolff’s in terms of its length remains to be seen. His most recent contract was a two-year extension which he signed in July of 2018.
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The Australian Grand Prix, which was one of 13 casualties on the 2020 calendar as a result of the coronavirus pandemic, is scheduled to open up the 2021 season on Sunday, March 21 at Albert Park Grand Prix Circuit. The track had hosted 22 of the last 24 season openers prior to 2020.