As a young man, Tost competed in Formula Ford and Formula Three. He then studied Sport Science and Management, working as a team manager at the Walter Lechner Racing School. He joined Willi Weber Management in 1993. He initially ran the WTS Formula Three team, then looked after a young Ralf Schumacher's career in Japan.
In 2000 Schumacher joined the Williams Formula 1 team. Tost followed him, working for Williams' engine supplier BMW as Track Operations Manager until 1 January 2006, when the new Scuderia Toro Rosso team hired him as Team Principal.
Following the 2007 European Grand Prix, at the Nürburgring in Germany, it was alleged that Tost assaulted driver Scott Speed over an incident on the track. After Tost later denied the incident, Speed went to the press describing the acrimonious situation at the team, stating that "after coming out and denying this stuff, it's just another very dishonest thing that Franz and Berger (Gerhard) have said in the media to damage me and Tonio (Vitantonio Liuzzi)". Scott also stated that he did not want to race for Tost and Berger again.
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