Toto Wolff signs deal to stay at Mercedes but fans still wait for news on Lewis Hamilton

Toto Wolff has extended his stay as team principal and chief executive of the Mercedes Formula One team for a further three years.

The team confirmed the deal as part of a re-structuring which will see INEOS become a one-third shareholder within the team.

Under the new arrangement, Daimler will reduce its current 60 per cent holding and Wolff increase his existing portion to create three equal partners within the team. 

Toto Wolff has extended his stay as team principal and chief executive of the Mercedes

They confirmed as part of re-structuring which will see INEOS become a one-third shareholder

In a statement published to the team’s website, Wolff said: ‘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 One teams is robust and sends an important signal of confidence in the sport after a challenging year.’

World champion Lewis Hamilton’s future has been given a huge boost on social media

While nothing has been confirmed yet, world champion Lewis Hamilton’s future at Mercedes has been given a huge boost following a teaser on social media.

A post on the team’s official Twitter page shortly before 10pm on Thursday carried the hashtag ‘announce’ accompanied by the ‘coming soon’ and ‘pen’ emojis along with a quote from Hamilton expressing his desire to stay with Mercedes.

The 35-year-old won a record-equalling seventh Formula One title last month, six of which have come since his switch from McLaren to Mercedes in 2013.