01:05:02 · John Collison, Toto Wolff
[01:05:02] S1: But if there is [01:05:04] S0: a disagreement, what will it likely be about? What could the disagreement look like, you know, in in... Do you know how the the profits split, for example? These contracts are being renewed every five years. The age old debate. Yeah. Exactly. Or, you know, where are we? Which countries are hosting races? [01:05:26] S1: Yeah. Yeah. Will that new Spanish circuit that nobody likes a mistake? [01:05:30] S0: So I'm a traditionalist. I love going to the old circuits because they represent history for me. Mhmm. But, also, the racing is based on this. For whatever reason, the layout of the old tracks, which had vast areas that they were available because places were not as developed as today, provide great racing, overtaking, cars being able to go side by side. [01:05:51] S1: That was a criticism of the new Spanish track. [01:05:53] S0: Exactly. That there wasn't a lot of overtaking. But Madrid did have... And I'm not saying this to make anybody look good. Madrid as a city is spectacular. The track that is built in this area is spectacular. I must say the job that they did over the few years since they have got the contract [01:06:14] S1: Mhmm.
01:06:14 · John Collison, Toto Wolff
[01:06:14] S1: Mhmm. [01:06:14] S0: Is nothing but outstanding. But I think where it didn't work is that the track is so spectacular in terms of for the drivers and the kind of camera positions with this long banked corner. But it didn't account too much for the new generation of cars for the difficulty to overtake. Mhmm. And for next year, already, I think they're gonna change the layout of the track because it's on the permanent track to provide more straights. [01:06:41] S1: Oh, so it's not a permanent error. They can they can just rejigger it? Exactly. How configurable is it? [01:06:46] S0: When I spoke with the CEO of the track on the weekend, and he just mentioned a few corners that key things can be adapted or should be adapted. So they are open minded about it. [01:06:55] S1: Oh, that's cool. Yeah. So there's fundamentally this tension between you're creating a destination and you're designing a racing track, and there are some slight tensions between them. [01:07:04] S0: Maybe you don't have as much room [01:07:04] S1: as you want to work with, but you you can break that trade off a little bit where you can you can improve the track even [01:07:12] S0: I don't think there's [01:07:13] S1: even is that. [01:07:14] S0: I don't I I don't think there's tensions. I think, fundamentally, all stakeholders, including the host Yeah. Wants to have a great Grand Prix, and that means having attractive racing Yes. Whilst having good, you know, spots for the public to
01:07:14 · Toto Wolff, John Collison
[01:07:14] S0: I don't I I don't think there's tensions. I think, fundamentally, all stakeholders, including the host Yeah. Wants to have a great Grand Prix, and that means having attractive racing Yes. Whilst having good, you know, spots for the public to [01:07:26] S1: Well, there's there's sometimes intention. Like, Monaco famously, you know, you had not designed it that way as a racing track, but Monaco is not going anywhere. It's, you know, the [01:07:33] S0: I think Monaco needs Formula One. Formula One needs Monaco. But Monaco is such a traditional track that nobody actually wanted to change the layout because it's like breaking with the rules or kind of breaking the legacy. But fundamentally, I lived there lived there many years. I wouldn't know how to make it very different. I mean, I have some [01:07:50] S1: ideas That's what mean. Yeah. Along [01:07:51] S0: a straight. [01:07:52] S1: Also, Monaco, you know, they keep building new land. And so, you know, you could extend the track out into the The Mediterranean. [01:07:58] S0: Yes. And that has been a great commercial success. I doubt that extending a race track into the sea is gonna generate some returns. [01:08:06] S1: Last question. How do you set Mercedes up for succession? How how will this work post Toto, and how can you prepare for that?
01:08:06 · John Collison, Toto Wolff
[01:08:06] S1: Last question. How do you set Mercedes up for succession? How how will this work post Toto, and how can you prepare for that? [01:08:15] S0: You know, I've seen examples of entrepreneurs that were either so selfish or believed in their own eternity and forever life that they didn't look at what... That they didn't look after, you know, not only their families, but also the company. Mhmm. For me, it is not important to, you know, to leave a legacy and call the building, the whatever, total building or so, which I hear some people are doing nowadays. [01:08:50] S1: Yeah. You already have the toilets named after you. [01:08:52] S0: So... Yeah. Exactly. I I wish I would own the... Go on this business. That's massive. [01:08:55] S1: Especially now with AI. [01:08:57] S0: Exactly. We should ask them to sponsor for sponsorship. Yeah. Actually. So for me, it's important to do to do what's best for the family and to do what's best for the team. And that means looking at the structure going forward where this team can live without me. And probably it's not gonna be the same because I have the credibility as an entrepreneur that that's leading my own businesses. Mhmm. But there will be a solid management structure. And I believe that my job is gonna be divided between two or three people Yeah. That I'm waiting at the moment that I that I believe can... Already doing a great job with that... With all of their strengths in various various areas. And then it's gonna be different, but it's... It will be a successful team. Do you think you will
01:08:57 · Toto Wolff, John Collison
[01:08:57] S0: Exactly. We should ask them to sponsor for sponsorship. Yeah. Actually. So for me, it's important to do to do what's best for the family and to do what's best for the team. And that means looking at the structure going forward where this team can live without me. And probably it's not gonna be the same because I have the credibility as an entrepreneur that that's leading my own businesses. Mhmm. But there will be a solid management structure. And I believe that my job is gonna be divided between two or three people Yeah. That I'm waiting at the moment that I that I believe can... Already doing a great job with that... With all of their strengths in various various areas. And then it's gonna be different, but it's... It will be a successful team. Do you think you will [01:09:42] S1: set things up where maybe you move to sort of executive chairman type of role where you don't have to be there every race weekend? You let the new person set their direction, but you can help with personnel and be there for advice? Or do you think it's important to have a clean break and you get out and it's their show now? And
01:09:42 · John Collison, Toto Wolff
[01:09:42] S1: set things up where maybe you move to sort of executive chairman type of role where you don't have to be there every race weekend? You let the new person set their direction, but you can help with personnel and be there for advice? Or do you think it's important to have a clean break and you get out and it's their show now? And [01:09:57] S0: I think clean break is is probably not possible if it continues... If I continue to own it Mhmm. With with my family. So that kind of executive or nonexecutive chairmanship is something that I'm... That that may happen. But it needs to happen in a very, very precise way. Because you can't be on the sidelines and interfere into the daily business. I also don't wanna end up in a situation that that I believe the family can run it run it run it's the best way and then be just mediocre. Yep. You have to earn your spot in running it and you have to contribute. And my children also don't have any interest. So I believe that if you are chairman, nonexecutive or executive, you need to exactly know your role. And that doesn't mean shooting from the outside and being the one that sits on the on the grandstand and says, you've screwed up and you've screwed up and this is how I would [01:10:55] S1: calling the drivers directly and... [01:10:57] S0: You can't call the drivers directly if it's about, you know, keeping the contact, but it's not about interfering into the daily business. And that's how I would aim to be Yes. In the future. But it's... I'm still enjoying it too much running it, actually.