In a significant growth for the world of Formula 1, toto Wolff has divested a portion of his ownership in the Mercedes-AMG Petronas Formula One Team.The buyer is none other than George Kurtz, the CEO of cybersecurity firm CrowdStrike, a prominent sponsor of the team. This move signals a new chapter for both Wolff adn the iconic racing outfit.
Kurtz, a seasoned entrepreneur and a passionate motorsports enthusiast, has acquired a 5% stake in the team. This acquisition comes from Wolff’s existing one-third ownership share, reducing Wolff’s stake to approximately 28%. The remaining ownership is split equally between Daimler AG and INEOS, led by billionaire Jim Ratcliffe, each holding 33%.
Beyond his financial investment, Kurtz will also assume a crucial role as the team’s new technology advisor. He will join the strategic steering committee alongside key figures such as Olu Källenius (Chairman of Mercedes-Benz Group AG),Sir Jim Ratcliffe (Founder and Chairman of INEOS Group),and Toto Wolff. Importantly, the team’s day-to-day management structure remains unchanged, with wolff continuing in all his executive capacities.
Kurtz’s involvement extends far beyond the boardroom. The 55-year-old American is an accomplished racing driver himself, competing in the LMP2 class of the IMSA series. His racing pedigree includes two second-place finishes in his category at the prestigious 24 Hours of Daytona and a class victory at the 24 Hours of le mans in 2022,alongside co-drivers James Allen and Colin Braun. His personal fortune is estimated to be around nine billion dollars, according to Forbes.
The valuation of the Mercedes F1 team in this transaction is reportedly set at a staggering $6 billion. This suggests Wolff could have realized as much as $300 million from the sale of his 5% stake. For context, this valuation places Mercedes slightly above Manchester United and just ahead of Liverpool FC in terms of perceived worth among major sports franchises.
Kurtz expressed his enthusiasm for the new venture, drawing parallels between the high-stakes worlds of cybersecurity and motorsports. Winning both in racing and in cybersecurity requires speed,precision and innovation. Everything is decided by milliseconds. Execution matters. Data wins. Technology is redefining both competitive advantage and human capabilities everywhere, including motorsports. I’m excited to help the team accelerate forward safely.
he stated in an official team release.
Toto Wolff echoed Kurtz’s sentiments, highlighting the unique blend of skills the new investor brings to the team. george has an extremely deep reach – he is a racing driver, a dedicated ambassador for Mercedes-AMG and an excellent entrepreneur. He understands the demands of racing and the realities of building and growing technology companies. This combination brings us a specific depth that will be increasingly vital in the future of formula 1.
Wolff commented.
