Lewis Hamilton cut F1 title rival Max Verstappen’s championship lead down to eight points following consecutive victories in Brazil and Qatar, while Mercedes sits five points clear of Red Bull in the constructors’ standings. 

Seven-time world champion Hamilton continued his fine recent form by topping both of Friday’s practice sessions at the inaugural Saudi Arabian Grand Prix, which marks the penultimate round of the 2021 season. 

And Wolff says Mercedes must now win the final two races in order to ensure it defends both of its world title crowns. 

“We are eight points behind, and we just need to bring every single weekend - like we’ve done in Brazil and Qatar - our A-Game,” he said. 

“Only if we do that, we have a chance to win the championship. So all is very much to play, but from a pure paper form, the odds are against us.

“I’m a finance person, therefore probabilities are the basis of how I work, and the probabilities are is that the odds are against us,” he added. 

“It’s very simple, we need to win both races. This is the simplified summery.”

Hamilton faced a 19-point deficit to Verstappen after the Dutchman’s dominant victory at the Mexico City Grand Prix. 

Asked if Mercedes believed the championship was effectively over after its defeat in Mexico, Wolff said: “We never give up but after Mexico the outlook was grim, again from a sheer probability standpoint. 

“It’s much better here, we have it in our hands and that is super exciting and fun also, obviously with all the pressure that comes with that.”

Wolff acknowledged there are “a lot of risks” still to come across the remaining two events, especially with the challenge posed by a brand new Jeddah circuit this weekend. 

“Winning a race is not only about the fastest car and the fastest driver, but also reliability has a massive influence and therefore that is just the essence of motorsport,” Wolff explained. 

“But we never imagined we would even be playing for the championship at this stage of the season. We had two fantastic race weekends and we just need to have more in order to fight for this championship.”