Horner has been working towards a comeback after his Red Bull exit in 2025, with interest in a minority stake at Alpine emerging as a possible route back into F1.

In an interview with the Press Association, Wolff said the prospect of renewing one of the sport’s fiercest rivalries leaves him with mixed feelings.

“I am in two minds about it,” Wolff said.

“The sport is missing personalities. And his personality was clearly very controversial and that is good for the sport.

“I said to [Ferrari team boss] Fred Vasseur that it needs the good, the bad, and the ugly.

“And it is now only the good and the ugly left. The bad is gone.”

While acknowledging Horner’s impact on Formula 1, Wolff also suggested his long-time rival’s past behaviour may not be easily forgotten within the paddock.

“He has broken quite a lot of glass, and these things have repercussions in our microcosm,” he added.

“When you say things… but that is what he has done all his life, and that is what he knows best.”

Horner’s name has been linked to a potential investment in Alpine, with reports indicating he is part of a group exploring the purchase of a 24 per cent stake currently held by Otro Capital.

Mercedes has also been linked to the same opportunity, but Wolff dismissed suggestions the interest is tied to blocking Horner’s return.

“Us looking at that stake is in no connection with Christian,” he said.

“And the idea that there is a rivalry between Christian and me around who buys an Alpine stake is made up.

“It would be quite sad if that was a consideration of doing such an investment or not.”

Despite years of intense on-track and off-track battles, Wolff made clear he does not harbour ill will towards his former adversary, even if a future alliance remains unlikely.

“Would I consider that he could ever be an ally or someone that shares objectives? I don’t think so,” he said.

“But even when I had the biggest frustration and anger with him, you need to remind yourself that even your worst enemy has a best friend so there must be some goodness.”

The Mercedes boss reflected on the ferocity of their rivalry, particularly during championship fights earlier in the decade, admitting some moments still leave him puzzled.

“Over those years it was just too intense, too fierce, and things happened which even today I cannot comprehend why he has done them,” he said.

Wolff nevertheless acknowledged Horner’s achievements, suggesting his legacy in the sport is undeniable regardless of what comes next.

“I certainly don’t wish him bad. And we need to give each other credit,” he said.

“There are not many team principals who have done what he has done.”

With no clear pathway yet confirmed for Horner’s return, Wolff said he remains relaxed about whatever outcome unfolds.

“I see a situation that whatever happens, whatever outcomes there may be, whether he comes back to Formula 1 or not, I am at ease with it,” he said.