Mercedes boss Toto Wolff has explained why they have only agreed a one-year contract extension with Lewis Hamilton. A deal for seven-time champion Hamilton to continue with Mercedes into a ninth season was finally announced on Monday, but its short-term nature caused surprise.
“We jointly agreed on a one-year deal,” said Wolff, Mercedes’ F1 team principal and co-owner said. “First of all, there is a substantial regulation change in 2022. We also want to see how the world develops, and the company. On the other side, because we kept it very late… it was important to get it done as soon as possible. In that respect, we thought let’s postpone the discussion about 2022 and onwards until a later stage in 2021.”
“There are uncertainties in the world that affect the way the sport can operate that have an influence on our revenue, on TV monies, on sponsorship income,” he added. “Daimler and Mercedes are in a huge transformation towards electric mobility and that means investment, So we are living in a financial reality different from what it was a few years ago. But having said that, we are totally in line, Lewis and me, the wider group and Mercedes, about the situation. So there was never any discrepancy in opinion.”