Mercedes F1 CEO and team principal Toto Wolff has completed the sale of 15% of his stake in the team to American billionaire George Kurtz, CEO of CrowdStrike, in a deal valued at $301 million. This deal has valued the German F1 outfit at $6 Billion, which is a record for any team in the sport. Numerous reports about Toto Wolff reportedly looking to sell part of his shareholding within the Mercedes team had been swirling around the F1 paddock in recent weeks. Now, a deal has finally been reached between the Austrian and CrowdStrike CEO George Kurtz, as was announced on Thursday, November 20. Kurtz, a race car driver and the co-founder of the Austin-based global cybersecurity firm, is already linked to Mercedes through his company’s existing sponsorship of the F1 team. He has now purchased 15% of Wolff’s shareholding for $301 Million. With Wolff previously owning one third of the team, Kurtz’s acquisition translates to a 5% ownership stake in Mercedes. He has also been appointed as Technology Advisor. “George’s background is unusual in its breadth: he’s a racer, a loyal sporting ambassador for Mercedes-AMG, and an exceptional entrepreneur. He understands both the demands of racing and the realities of building and scaling technology businesses,” said Toto Wolff. Toto Wolff, who previously held a 33% stake, will continue in his role as team principal. The wider ownership structure remains unchanged, with Jim Ratcliffe’s INEOS and the Daimler Group each retaining their 33% shareholding in the team. On track, the Silver Arrows currently sit second in the 2025 constructors’ standings, only behind McLaren, who have already secured the title. With three rounds of the season to go, they hold a 32 point lead over Red Bull in third. George Kurtz reflects becoming co-owner of the Mercedes F1 team CrowdStrike co-founder and CEO George Kurtz said he was excited to join the Mercedes F1 team and contribute to its future direction. The American businessman and racer added that his investment reflects his confidence in Formula One’s continued global growth. If you’re making an investment like this, you believe that the sport is going to grow, F1 is going to grow and the team valuations are going to grow, and you’re going to be able to contribute to that growth.” According to reports, Kurtz will not join the team’s main board and will instead serve on the strategic steering committee. He has described his involvement as nothing more than having a seat at the table to offer input and take part in key discussions. The 55-year-old’s racing background also makes him a distinctive fit. In 2023, he made his debut in the LMP2 Pro Am subclass at the 24 Hours of Le Mans and went on to win in the category.
https://www.sportskeeda.com/f1/news-toto-wolff-sells-301m-worth-mercedes-stake-american-billionaire-george-kurtz
Toto Wolff sells $301M worth Mercedes stake to American billionaire George Kurtz
