According to the latest reports from Motorsport_IT, Mercedes will remain in Formula One for the foreseeable future. News from the rumor mill indicates that Mercedes is committed to staying in F1 till 2022.
Mercedes to stay in F1?
Speaking to Autosport, Wolff said, “Everything indicates that we will stay. But it’s not a given.
“We are in the middle of discussing the new Concorde Agreement. In connection with this – and independently of it – we are discussing the development of the automobile and its effects on sport“.
The Concorde agreement is an arrangement between the FIA, the Formula One Group and all F1 teams. The agreement enunciates how teams compete in F1 – including the distribution of prize money and division of additional revenue. The agreement is acknowledged in secrecy by all the teams and is binding.
Formula 1 is currently in the process of negotiating an eighth Concorde agreement, following seven past contracts.
The Mercedes team principal spoke about the direction F1 was moving in and how Ferrari was in a better position. “There is the Ferrari model that says: ‘We will do it forever. We build racing cars and we build road cars’
“The other model is to say: ‘We had a very successful run. There’s nothing more to prove. We’re doing something else now’. Both are absolutely plausible strategies.” said Wolff
Mercedes parent company Daimler AG will ultimately influence the decision. Mercedes see the future in hybrid energy and are making major strides in developing electric cars.
2021 and beyond
Some newer reports even suggested the possibility of Toto Wolff taking over Mercedes with Lawrence Stroll. Which further reiterates Wolff’s commitment to F1.
Contradictory to popular reports, Lewis Hamilton looks to stay with Mercedes following a Two-year renewal. Verstappen and Leclerc signing long term deals left the World Champion without many options. This would cement Mercedes’ presence in F1 till 2022 at least.
This isn’t the first time F1 teams have discussed the prospect of leaving the sport. Following an early blueprint of the 2021 regulations, Ferrari threatened to quit. In 2017, erstwhile Ferrari boss Sergio Marchionne hinted the Scuderia may leave due to new regulations being incompatible. We now know, of course, this wasn’t true.
The 2021 regulations will introduce a major financial overhaul that will see cost caps and a limit on spending. These regulations will usher in a new era of racing with the hope of bridging the gap between teams.
Mercedes have won six consecutive Drivers’ and Constructors’ championship and is on target to break Ferrari’s record. What the future holds for the Brackley based outfit proves to be fascinating.