- Wolff’s position as CEO and team principal will not be affected
- Deal would top the US$4bn+ McLaren Racing were valued at in September
Toto Wolff is in advanced talks to sell a portion of his 33 per cent stake in the Mercedes Formula One team at a valuation of US$6 billion.
The deal would see the 53-year-old Austrian sell five per cent of his shareholding to George Kurtz, chief executive of cybersecurity firm CrowdStrike, according to the Financial Times.
CrowdStrike has been a global partner of the Mercedes team since 2019. The potential stake sale was first reported by Sportico without naming a buyer.
Wolff’s position as chief executive and team principal of Mercedes would not be affected by the deal. Currently, ownership of the team is split three ways between car manufacturer Mercedes-Benz, chemicals firm Ineos and Wolff.
A spokesperson for the Mercedes team said: “The governance of the team will remain unchanged, and all three partners (Mercedes-Benz, Toto and Ineos) are fully committed to the ongoing success of Mercedes-Benz in Formula One.”
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The deal would set a new record valuation for a Formula One team, surpassing the reported UK£3 billion (US$4.06 billion) valuation achieved by McLaren Racing in September.
It would also mark a significant increase over the UK£208 million (US$273 million) that Ineos paid to acquire a 33 per cent stake in Mercedes, a deal announced in December 2020 and finalised in January 2022, highlighting the rapid rise in team valuations since Liberty Media took control of the sport in 2017.
Earlier this year, Mercedes released their financial accounts for 2024, which showed a profit of UK£120.3 million (US$164 million). Revenue grew by 16 per cent year-over-year (YoY) to UK£636 million (US$866.2 million).
Wolff has been team principal of the team since 2013 and has led the outfit to seven drivers’ championships and eight constructors’ championships during his tenure.
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