Toto Wolff net worth: How much does the Mercedes team principal earn?
Lewis Hamilton and Wolff have ‘a good relationship’ says pundit
While talks continue over a new contract for Lewis Hamilton, Toto Wolff has already signed a three-year deal to continue as team principal of Mercedes. The announcement came as INEOS became a one-third shareholder of the Formula 1 team. Wolff said at the time: “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 1 teams is robust and sends an important signal of confidence in the sport after a challenging year.”
Mercedes secured a seventh consecutive double world championship in 2020 to maintain their dominance under Wolff.
How much is Toto Wolff worth?
Wolff is not only the team principal of Mercedes, bit he also owns a 30 per cent share of the team.
As an investor, the Austrian founded Marchfifteen and Marchsixteen Investments in 1998 and in 2004 respectively.
He initially focused on internet and technology companies but now specialises in strategic investments in medium-sized industrial and listed companies.
Among his investments have been the Williams F1 team, German HWA AG and BRR Rallye Racing.
According to Sportskeeda, Wolff has a net worth of around $450million (£329m).
He reportedly earns €8m (£7m) per year from his role with Mercedes.
DON’T MISS…
Lewis Hamilton has already backed George Russell to take Mercedes seat
Hamilton contract: Mercedes chief Wolff fires ‘curveballs’ warning
Lewis Hamilton contract: Toto Wolff warning, George Russell boost
At the time of Wolff’s contract extension, the team also announced he would he have the opportunity to move into a different executive role in the future.
“Under the new shareholding structure, Toto Wolff will continue in his role as Team Principal and CEO for a further three years, leading the executive operations of the company and the racing team,” a statement read.
“He will have the subsequent opportunity to transition to a new executive function within the organisation when he decides it is the right time to do so.”
Heading into the 2021 season, Wolff is expecting a “formidable challenge” as F1 teams deal with a cost cap as well as preparing the cars for new regulations of the 2022 season.
“For us, it will be an interesting year, because we need to structure ourselves in a different way than we have done before, due to the cost cap,” the 49-year-old said.
“We are facing this formidable challenge of slightly tweaked 2021 regulations and a big earthquake of regulatory change for 2022.”
He added: “There’s factors that are working against us that motivate us a lot, factors that are working for us, because we believe we have a good organisation.
“But overall, we embrace change and we’ve always done so in the past. So the organisation is very much looking forward into 2022.”
Source: Read Full Article