Kurtz is not positioning himself to be Wolff's successor.

Kurtz is not positioning himself to be Wolff's successor.

      Mercedes team principal Toto Wolff has sold a portion of his one-third stake in the team to George Kurtz, the founder of CrowdStrike, in a deal that sets a new record valuation for the former world champions. Billionaire Kurtz has purchased 15 percent of Wolff’s 33 percent holding, which translates to about 5 percent of the entire team. Forbes reports that the transaction values Mercedes at an astonishing $6 billion. BBC estimates the cost of the stake at approximately $300 million.

      The team's governance structure remains the same, with Wolff, Mercedes-Benz, and INEOS each retaining one-third ownership, and the leadership "remains unaffected" by the sale. Kurtz, a long-time partner with Mercedes through CrowdStrike, will join the team’s strategic steering committee alongside Wolff, Mercedes chairman Ola Kallenius, and INEOS chief Sir Jim Ratcliffe. He will also serve as a technology advisor.

      In remarks to reporters, the American entrepreneur and amateur racer stated that the valuation aligns with market trends and anticipates further growth. "We see significant opportunities to expand the sport, especially in the US and particularly in the technology sector where we can attract more sponsors," he commented.

      Kurtz emphasized the increasing interest from female fans and the success of initiatives like Drive to Survive and the Brad Pitt F1 film as indicators that the US market remains underexploited. "It’s a thriving business," he remarked. "When you have a thriving business with greater potential—especially in the US—valuations will rise. Can it reach the same level as the NBA or NFL? I believe so. That’s why I invested."

      He confirmed that all shareholders were informed about the transaction throughout its course and clarified that he does not see himself as Wolff’s successor. "My main focus is CrowdStrike—this is my primary role," Kurts explained. "Toto is the person in charge; he is the leader." He refrained from commenting on any potential future increase in his stake in Mercedes.

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Kurtz is not positioning himself to be Wolff's successor.

Formula 1 | Mercedes team principal Toto Wolff has sold a portion of his one-third ownership in the team to CrowdStrike founder George Kurtz - in a deal that validates a (…)