F1: Toto Wolff sells part of Mercedes stake to billionaire George Kurtz
Toto Wolff sold 15 percent of his shares in the Mercedes Formula 1 team to American billionaire George Kurtz.
Kurtz, 55, is the founder of cybersecurity firm Crowdstrike, which sponsors Mercedes.
The deal values the Mercedes F1 at $6bn (£4.6bn); This is a record for an F1 team. McLaren was valued at £3.5bn due to a change in ownership structure in September.
Wolff’s holding company owns a third of Mercedes F1, so the shares he sold amount to 5% of the team.
Wolff, who will make $300 million (£230 million) from the deal, will remain as team boss and chief executive, while the management of Mercedes F1 will remain unchanged.
Kurtz, whose shares come from his personal funds rather than his company, said the valuation given to the team was “in line with the market”, adding: “If you look at the sport” [valuations] They are all standing everywhere in the world.”
Kurtz said: “Formula 1 is at an inflection point where it is truly a thriving business.
“If you make such an investment, you believe that the sport will grow, F1 will grow, team valuations will increase and you can contribute to this growth.”
Kurtz will not be on the main board, but will join the team’s strategic steering committee. In this committee, Mercedes Group chairman Ola Kallenius, Ineos chairman Sir Jim Ratcliffe and Wolff will meet to discuss issues related to the team.
Kurtz described his role as “nothing more than a seat at the table to provide input and discussion.”
Wolff said: “George’s background is extraordinary in its breadth: he is a racer, a loyal sports ambassador for Mercedes-AMG and an extraordinary entrepreneur.
“He understands both the demands of racing and the realities of building and scaling technology businesses. This combination brings a special understanding that is increasingly relevant to the future of Formula 1.”
The deal represents a more than sevenfold increase in the value of Mercedes F1 since Ineos bought a one-third stake in Mercedes F1 for £208 million in 2020.
This increase reflects the rise in valuations of F1 teams over the last few years as a result of the sport’s growing appeal around the world.
This was also seen in the success of the film F1, starring Brad Pitt, which was released last summer and grossed more than $630 million (£482 million) at the box office. It is Pitt’s most successful film and the most successful sports movie of all time.
Mercedes sits second in the constructors’ championship with three races remaining this season, starting with this weekend’s Las Vegas Grand Prix.
Their leader, George Russell, has won two of 21 races this year and sits fourth in the drivers’ championship behind McLaren’s Lando Norris, Oscar Piastri and Red Bull’s Max Verstappen.
