Toto Wolff says he feels “committed to life” to the Mercedes Formula 1 team after increasing his shareholding and extending his tenure as team principal for a further three years.

Last week it was announced that Wolff will stay on in his current role for at least three more years after it was confirmed that both he and petrochemicals giant Ineos have taken a one-third stake in the Mercedes F1 team together with Daimler.

The Austrian, who has overseen the all-conquering Mercedes team secure seven consecutive world championship doubles across the V6 hybrid era in F1, ended uncertainty over his future by renewing his commitment to the German manufacturer with his previous contract due to expire at the end of the year.

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Wolff’s future had been the subject of intense speculation throughout the year having admitted that leading Mercedes for eight seasons was “taking its toll” on him, while he has also indicated he may miss more races in upcoming seasons as seeks to find a younger, long-term successor.

Mercedes’ statement said that Wolff “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.”

But speaking at the FIA’s end-of-season prize giving gala, Wolff stressed that he views his commitment to Mercedes going beyond the three-year cycle he has agreed.

“No, that is a misunderstanding," Wolff said when asked about his new deal.

"I haven't committed to a further three years. I have committed for life.

"We are three shareholders that own the company today, and irrespective of my own role, I could [be] team principal, CEO, executive chairman, at any time.

"But Mercedes is what I do and will do for many years.”

Star driver Lewis Hamilton welcomed the news of Wolff’s Mercedes extension as the recently-crowned seven-time world champion revealed he is yet to begin talks with Mercedes over a renewed deal of his own.

“I’m really proud and grateful to see Toto signing, he’s such an important leading figure within this team, and the success that we have achieved would not have been possible without him,” he added.

“He is such a great figurehead and I think that the team is better for it to have that longevity, and it’s great to see the commitment from Mercedes, and then the added bonus of having INEOS, who came in this year and have been a part of our success this year, it’s great to see they’re going to part of this team and help with the stability of this team moving forwards, in growing to be better.

“It’s going to take a big push from us to continue to raise the bar in this organisation as I think we’ve done such a great job over these past years, but I think the right people are in the right place and it looks good, the future looks bright for this team I think.”