The Austrian, who owns a one-third share of the Formula One team, announced the new agreement following a meeting with fellow shareholders Ineos and Mercedes-Benz. Wolff has overseen the day-to-day running of the operation since 2013 and feels he remains the best person for the job. The 52-year-old, who guided Mercedes to eight successive Constructors’ Championships from 2014-21, told the Daily Telegraph: “At the end of the day, as a shareholder myself, I want the best return on investment. In the end the three of us decided: ‘Let’s do it again’. The announcement ends speculation over Wolff’s future in the team principal role.

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