Mercedes team principal Toto Wolff has said he “would give up every profit” to become a winner in F1 again.

The team is arguably the most financially robust in the sport at present, supported by one of the world’s largest car manufacturers and with a plethora of blue-chip sponsors in support.

But it is currently going through its leanest period on track since Wolff joined in 2013, with just one win in its last 30 grands prix, stretching back to the final race of the 2021 season, which was the last of its run of eight consecutive constructors’ titles.

Speaking on CNBC’s ‘Squawk on the Street’, which brings market news from the New York Stock Exchange, Wolff was asked as to the significance of now being second best behind Red Bull.

“It is significant, and I would give up every profit just to win on track,” replied Wolff.

“For a normal business owner that may sound crazy but it’s how we are calibrated. It’s the stopwatch that counts, less so the P&L (profit and loss).

“Now the cost cap has changed everything in our environment and we’re not allowed to spend above a certain amount, and therefore (we have) become a sustainable business case as well.

“Mercedes dominated for a long time, we won eight consecutive championships, and now Red Bull is just doing a better job.

“It’s a meritocracy, best engineering wins, and as long as you respect the rules – the technical, sporting, and financial rules – we just need to stretch ourselves and beat them.”

Whilst Mercedes dominated once F1 introduced the 1.6-litre V6 hybrid power units in 2014, Red Bull has now become all-conquering following the introduction of new aerodynamic regulations at the start of last year.

From the 29 grands prix of this current era, Red Bull has won 24, including all seven this season.

It was put to Wolff that television ratings are currently down in the United States on the back of the form of Verstappen and Red Bull.

As to whether that was bad for the sport, he said: “People want variability and unpredictability.

“In our business, entertainment follows sport. We have rules, and the one who is beating everybody else under the current rules merits the win.

“Clearly we’d like to have different winners. Again, it’s our task to beat them and not create a scripted series.”

Mercedes has at least started off down a new path toward addressing the issues it has had with its car after readily conceding to taking the wrong development route with the new aerodynamic rules.

The upgrades seen on the car in the last two races in Monaco and Spain have provided the team with “a solid, new baseline” from which it can work, according to Wolff.

As to whether Mercedes will be competitive again with Red Bull this year or in 2024, Wolff simply said: “I think we will.

“We’ve done a few missteps on the engineering side, on technical decisions, but it’s physics not mystics, and therefore we will be coming back.

“We had a good result (in Spain), coming second and third. It’s just a matter of time, I’ve no doubt about it.”