• Toto Wolff rubbishes reports involving Hamilton's demands of $50 million
  • Wolff has asked media to not report false news about his team
  • Hamilton's current contract is set to expire at the end of 2020 season

Toto Wolff has dismissed reports as “nonsense” that have suggested that the Mercedes Formula One (F1) team has refused to meet Lewis Hamilton’s salary demands.

Mercedes’ team principal Wolff has revealed that the team has not had any salary discussions with Hamilton yet as the world champion’s contract is due to expire at the end of the F1 2020 season.

The British driver, who has secured five titles in the last six years, is expected to sign a lucrative long-term contract with Mercedes.

Earlier, the English publication Daily Mail reported that Mercedes had rejected Hamilton’s demands of $50 million per year as Wolff has set a limit of half that price for their star driver. The report further stated that Mercedes was planning to ask Hamilton to understand their current financial situation, which has taken a hit due to the coronavirus pandemic.

In an interview with Autosport, an irked Wolff has asked the media to “stop making s**t up.”

“All the things that are out there about contract negotiations, whether him demanding a hilariously high salary or me saying it's only 50% of that, they are all made up. We haven't had a single conversation about money.

It's sometimes weird to read this stuff in the press when you know it's just total nonsense. Lewis is very aware of the financial realities of the auto industry and about Formula 1, and in the same way,” added Wolff.

Wolff, who is also Mercedes’ CEO, went on to mention that he respects Hamilton’s achievements and is expecting a positive outcome in regards to a new contract.

“I'm very respectful of his achievements and his class. Therefore, it's going to lead to I think a satisfactory outcome for all of us,” said Wolff.

Champion: Lewis Hamilton celebrates at the United States Grand Prix in Texas last season
Champion: Lewis Hamilton celebrates at the United States Grand Prix in Texas last season GETTY IMAGES NORTH AMERICA / CLIVE MASON

Amid the coronavirus crisis, to make the F1 championship sustainable, the organizers have introduced a new budget cap of $145 million per year from 2021. While this cap is inclusive of driver wages, there have been talks between teams about a possible salary cap system in the future.

After the coronavirus pandemic delayed the start of the F1 2020 season for nearly three months, the first race of the year finally took place Sunday in Austria. Hamilton, who is eyeing his seventh drivers’ title, finished fourth at the Red Bull Ring race, which saw his teammate Valtteri Bottas triumph ahead of Ferrari's Charles Leclerc and McLaren’s 20-year-old racer Lando Norris.