Mercedes F1 boss Toto Wolff sells ownership piece to CrowdStrike CEO George Kurtz
Mercedes-AMG Petronas F1 CEO and team boss Toto Wolff brings new team ownership by selling some of his holdings CrowdStrike Founder and CEO George Kurtz told CNBC on Thursday.
Kurtz’s personal purchase expands a partnership between the auto racing team and the software provider that dates back to 2019. It also expands the tech industry’s push into global motorsport. Financial terms of Kurtz’s investment were not disclosed, but a person familiar with the matter told CNBC that the deal values the Mercedes team at $6 billion.
“You have all the new fans coming,” Kurtz said. “The reason why CrowdStrike is involved in Formula 1 [because] “There’s a comeback… We’ve perfected it and we want to bring it to the United States, to the technology market, and build other partnerships that can leverage that and get the best out of Formula 1.”
Mercedes said Thursday it has acquired Kurtz’s 15 percent minority stake. Wolff’s The controlled ownership entity representing one-third of the team, i.e. Kurtz, has a 5% share. Mercedes-Benz and chemical giant INEOS owns a third.
Mercedes’ British driver George Russell competes during the first practice session of the Las Vegas Formula 1 Grand Prix on November 16, 2023 in Las Vegas, Nevada.
Angela Weiss | AFP | Getty Images
Kurtz will become Mercedes F1’s technology advisor and will help expand the team’s work in data analytics as the sport becomes increasingly technology-focused with simulation-heavy and AI-driven development processes. Mercedes-Benz CEO Ola Källenius will join a committee that includes INEOS founder Jim Ratcliffe and Wolff. The management of the team has not changed.
Kurtz will also focus on expanding U.S. and global technology partnerships, the team said. CrowdStrike provides AI-powered protection for the team’s infrastructure.
“[I] “We couldn’t be more excited for something that’s been in the making for a while, and this really comes out of a long-term partnership with Mercedes at CrowdStrike,” Kurtz said in an interview with CNBC on Thursday.
Kurtz has an unusual personality among billionaire investors. competitive racer itself. He has won major endurance events such as the 24 Hours of Le Mans, Petit Le Mans, Six Hours of the Glen and the Indianapolis 8 Hour, and has captured multiple series championships in 2023.
The change of ownership comes as Mercedes is trying to climb to the top of motorsport after falling behind McLaren and Red Bull in recent seasons. The team won eight straight constructors’ championships from 2014 to 2021 but has not won since. 2026 regulations and engine overhaul increased expectations for a return.
“We are the only sport that combines cutting-edge technology, science and the gladiator in the car and the work of people,” Wolff said. “Especially next year, you know, the challenges before us are huge. We will have a 50% electric engine with 100% sustainable fuel; we will have a car that produces maximum downforce while also trying to save some of the electrical energy.”
F1’s popularity in America continues to grow of Netflix “Survival Driving” documentary series, Apple’s the release of the blockbuster “F1: The Movie,” three U.S. races on the calendar and the addition of a Cadillac-sponsored team next year.
Disclosure: CNBC is a sponsor of the McLaren Formula 1 racing team. Sara Eisen is a member of the McLaren Advisory Board.
