Toto Wolff’s salary gets HALVED as the Mercedes Boss loses millions while his team gets rise in revenue
Mercedes Boss Toto Wolff apparently lost a big chunk of his salary even though the team saw a rose in their revenues by a massive 25% from 2021 to 2022.
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Toto Wolff (via IMAGO)
Mercedes supremo Toto Wolff has not enjoyed a successful year in 2022 as the team could not manage to get a single race wins for their marqueé driver Lewis Hamilton. But team rookie George Russell still scraped a Grand Prix victory at the Sao Paulo GP last year and kept the Maranello outfit’s hopes high. Despite their fall in performance, the revenues that Mercedes raked in were substantially high in comparison with their numbers in 2021.
According to a recent report by BusinessF1, Mercedes ended 2022 with a total revenue of a whopping $571 million. They have also claimed that this counts for a 25% rise in revenue for the Silver Arrows amidst their failure to achieve regular race wins like they did in the previous years. It must also be mentioned that 2022 is the year when, for the first time, Mercedes’ 8-year-long streak of winning the Constructors’ Championship trophy fell apart.
It is being believed that Mercedes’ sudden rise in revenue can be attributed to the popular Netflix series Drive to Survive that caused them to get a lot of new sponsors onboard. But in contrast with the fact that Mercedes made a lot of money in 2022, Toto Wolff lost a substantial amount as his salary reportedly went down from $8.2 million to $4.4 million. But it should be noted that he is a principal share-holder at Mercedes, so he will anyway be enjoying a big chunk of the team’s increased revenues.
Toto Wolff’s team Mercedes break down their revenue for the first time
It is no new knowledge that the Formula 1 teams are some of the richest franchises in the sports world. The F1 economy is large and it is expanding every year. With the upcoming Las Vegas GP, the Formula One Management is hoping to make profits north of $400 million from a single race. But how they make such a giant amount of money is a mystery to many. For the first time since their participation in F1, Mercedes have now revealed the team’s sources of income.
According to reports, just over half of their revenue–around $291 million, comes from sponsors and licensing rights. 171 million dollars comes in as prize money. $108 million comes from other activities outside F1. Thus, it is safe to say that Mercedes have gotten the funds to improve their set-up and make a car that is at par with Red Bull’s machines. Yet, they have fallen short of developing anything close to the Adrian Newey masterpieces in the last two years.
At the Brazilian GP, when Lewis Hamilton reached the finish line, he spoke into his team radio that he only had to tolerate his W14 for two more races. But the Briton has high hopes for the Mercedes racecar for 2024. Even at 38, Lewis Hamilton has now gotten a two year extension on his contract with the Brackleu outfit and he hopes to make a go for an eighth World title in the next couple of years.
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Riddhi Mondal
(1821 Articles Published)