Wolff says three-year commitment to Mercedes is 'misunderstanding'

Toto Wolff says his commitment to Mercedes goes well beyond his extended three-year tenure at the helm of the Brackley squad, with the Austrian feeling "committed to life" to the manufacturer.

Mercedes announced on Friday that principal sponsor INEOS would become a shareholder of the world championship winning team following a restructuring that would see the UK chemical giant, Daimler and Wolff each own a third of the entity.

Additionally, it was announced that Wolff will remain team principal of the Mercedes team for three more years. However, the German manufacturer stated that the Austrian will have "the subsequent opportunity to transition to a new executive function within the organisation when he decides it is the right time to do so".

"That is a misunderstanding," Wolff said, alluding to his three-year extension as team principal of Mercedes. "I haven’t committed to a further three years. I have committed for life!

"We are three shareholders that own the company today, and irrespective of my own role, I could be team principal, CEO, executive chairman, at any time. But Mercedes is what I do."

• Read also: Hamilton 'proud' to see Wolff remain at Mercedes helm

Earlier this year, Wolff hinted at taking a step back from the day-to-day running of the team that he has guided to a record seven consecutive world Constructors' titles since 2014.

But the 48-year-old will continue to instill the values of governance that have helped produce its outstanding success.

"We have a good and fun environment, it’s a fun place to be, but at the same time, there is just the right amount of pressure," Wolff said.

"We love what we do, we set the right objectives. I think we are living our values day to day. It's all about integrity, loyalty, pride, determination - that’s what sums it up.

"It’s not something you can put on a PowerPoint and say this is how we are, but something we have set as standards over the last eight years."

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter