Wolff and Lauda renew Mercedes F1 contracts to 2020

Formula One - Grand Prix of Austria - Spielberg, Austria - 1/7/16 - Toto Wolff during a training. REUTERS/Dominic Ebenbichler
Britain Formula One - F1 - British Grand Prix 2016 - Silverstone, England - 9/7/16 Mercedes' non executive chairman Niki Lauda during practice Reuters / Andrew Boyers

LONDON (Reuters) - Mercedes team bosses and shareholders Toto Wolff and Niki Lauda have agreed new contracts to the end of 2020, the Formula One world champions said on Monday.

The date aligns the two Austrians' contracts with the expiration of the current Commercial Agreement with Formula One Management.

Mercedes motorsport head Wolff, who is effectively the team principal, has a 30 percent stake in Mercedes Grand Prix Limited while non-executive chairman Lauda, a retired triple world champion, has 10 percent.

Daimler AG hold the remaining 60 percent.

"In 2013, we restructured the management of the Team with the clear goal of improving our performance. Since then, however, the results have exceeded our expectations," said Daimler chairman Dieter Zetsche in a statement.

"A key factor in this success has been the combination of Toto's entrepreneurial skills and Niki's experience. Their renewed commitment gives our program important continuity for the next four years."

Mercedes have won both the drivers' and constructors' championships for the past three years.

"The last few years have been some of the most enjoyable I have had in Formula One," said Lauda, who won his titles with Ferrari in 1975 and 1977 and McLaren in 1984. He suffered a near-fatal accident in 1976.

(Reporting by Alan Baldwin, editing by Amlan Chakraborty)

People also read these

Golf: Wiesberger grabs lead after birdie blitz in...

Feb 10, 2017

US-GOLF-EUROPEAN:Golf: Wiesberger grabs lead after birdie blitz in Malaysia

Austrian authorities seeking Hitler double seen...

Feb 11, 2017

US-AUSTRIA-HITLER:Austrian authorities seeking Hitler double seen around birthplace

Slovenia's Stuhec wins Alpine skiing women's...

Feb 12, 2017

US-ALPINE-WORLD-WOMEN:Slovenia's Stuhec wins Alpine skiing women's downhill gold

Quick-fire Bailey storms to individual biathlon...

Feb 16, 2017

US-BIATHLON-WORLD:Quick-fire Bailey storms to individual biathlon gold

Tennis: Carreno Busta downs Norwegian teen to...

Feb 26, 2017

US-TENNIS-MEN-RIO:Tennis: Carreno Busta downs Norwegian teen to reach Rio final

Sign up now!

About Us

The Market Noise is the first place to look when you need financial and economic insights. We deliver the most accurate news in the business and marketing world to you.