Toto Wolff has revealed the strategy for the Mercedes F1 team’s business continuity post-Lewis Hamilton’s departure.
The seven-time world champion has significantly boosted Mercedes’ financial profile through his widespread fame and branding.
With Hamilton’s exit, Mercedes faces the departure of arguably the greatest F1 talent and a key financial asset.
When CNBC inquired about the potential financial repercussions for Mercedes, including sponsorships and merchandising, following Hamilton’s move to Ferrari, Wolff acknowledged the significant impact.
“Absolutely, Lewis is more than a racing driver; he’s a global icon,” Wolff remarked.
“He signifies a lot, and initially, there will be a noticeable gap. However, a team like Mercedes F1 must establish its own identity, which we intend to maintain moving forward.
“We aim to nurture numerous young and successful drivers in the future and will fondly remember the remarkable journey and growth shared with Lewis.”
Wolff discussed the narrative being shared with Mercedes’ major sponsors. He stated: “Lewis Hamilton and Mercedes have been synonymous for 12 years.
“However, the team’s ownership and management remain constant. We have George Russell, who showed formidable performance against Lewis last season, marking an exciting era.
“Our sport demands adaptability, a principle that applies universally in business, and it’s a lesson I emphasize regarding high-performance and management under pressure.”
Facing the final year of Hamilton’s partnership, Wolff, a lecturer at Harvard Business School, will test his managerial skills.
“It’s crucial to acknowledge our identity as the Mercedes Formula One team,” Wolff asserted.
“Our collaboration with Lewis has been historically successful, setting records in wins and championships.
“Looking beyond 2024, our goal is to assemble a dream team that will perpetuate our success into a new era of drivers for the next decade.
“As part of this team, my focus is on future success, ensuring we remain competitive in races and championship battles. Ultimately, that’s what matters most.”
Despite the potential downturn for Mercedes, the broader Formula One business, owned by Liberty Media since 2017, stands to gain from the spectacle of Hamilton’s switch to Ferrari.
“Formula One transcends mere track action; it’s akin to a year-round reality show,” Wolff stated.
“The intertwining of entertainment and sport is essential, and discussions with Liberty Media’s Greg Maffei highlighted the off-season’s drama and change as excellent content.
“Formula One thrives on unpredictability and surprise, both on and off the track, which is central to our essence.”
