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Toto Wolff says he has signed a new deal to stay on as team principal and chief executive of Mercedes F1, taking him through to the end of the 2026 season.

Wolff, who owns an equal one-third share of the F1 team with INEOS and Mercedes-Benz, said the trio decided “let’s do it again” as they plot a way back to the summit of the sport.

Wolff has held the team principal role in addition to a shareholding at Mercedes since joining from Williams in 2013 and led them to a record eight successive Constructors’ Championships from 2014 to 2021, before rivals Red Bull ended their dominance.

There had been speculation over Wolff’s future in the day-to-day team boss role at Mercedes but the 52-year-old feels he remains the best person for the position, a view shared by Sir Jim Ratcliffe, INEOS’ chief executive, and Mercedes-Benz chairman Ola Kallenius.

“I think the most important thing between the three of us is that we trust each other,” Wolff told the Daily Telegraph, who said the Austrian had told them at the beginning of the interview he had signed a new deal.

“At the end of the day, as a shareholder myself, I want the best return on investment. And the best return on investment is winning.

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

“I’m part of this team in various functions. I’m a co-shareholder. I’m on the board. These are things which will not change whatever executive, or non-executive, role I have. But I feel good.

“The risk for me is always more bore-out than burnout. And that’s why I embrace the challenges we have today, even though they sometimes feel very, very difficult to manage.”

What’s next for Mercedes?

Mercedes will be making “fundamental” changes to their car for 2024, with Lewis Hamilton saying last month he had “full faith” that his team would be more competitive in the season ahead.

The Brackley team announced on Monday that the W15 will be unveiled on Wednesday February 14 – Valentine’s Day – at Silverstone.

The team have won just one race since F1’s regulations were overhauled two years ago and went winless in 2023, the first time they have failed to stand on the top step of the podium for 12 years.

Wolff remains hopeful his team can challenge Red Bull’s dominance this season.

“Always believe it’s possible,” Wolff said of Mercedes’ hopes for 2024. “You cannot start the season with an attitude of ‘This is not going to be possible.’ We saw last year with McLaren, what a huge step they made with a single upgrade.

“We’ve signed a two-year deal with Lewis [Hamilton], and we owe it to him, to George [Russell] and to all the team to give it our full attention in 2024 and 2025. I think it’s possible.”

When is F1 pre-season testing?

Pre-season testing takes place from Wednesday, February 21 to Friday, February 23 at the Bahrain International Circuit with just three days for the teams to get prepared for the new season.

When is the first F1 race?

Just one week later, the opening race of the 2024 season will begin with the Bahrain Grand Prix from February 29 to March 2.

Due to the Muslim holy period of Ramadan, the Bahrain and, seven days later, the Saudi Arabian Grand Prix, will be held on a Saturday.

This means practice one and two will take place on Thursdays, with final practice and qualifying on Fridays.

24 races in 2024! Watch every round of next season live on Sky Sports F1, starting with the Bahrain Grand Prix from February 29-March 2. Stream every F1 race and more with NOW.