Wolff sells ‘US$300m’ Mercedes F1 stake valuing team at ‘US$6bn’

• Wolff retains executive roles and governance of Mercedes will be unchanged
• Kurtz appointed technology advisor and will serve on team’s strategic steering committee

Mercedes Formula One chief executive and team principal Toto Wolff has sold a minor stake of his ownership in the team to CrowdStrike founder and chief executive George Kurtz.

Kurtz has acquired 15 per cent of Wolff’s ownership entity, which owns one-third of the Mercedes team.

According to previous media reports, the deal values Mercedes at roughly US$6 billion, meaning Wolff will net around US$300 million from the sale.

Wolff, 53, will retain a stake in Mercedes, while his executive roles and the governance of the team will be unchanged.

Kurtz, whose cybersecurity firm is already a global sponsor of Mercedes, joins in an official capacity as technology advisor, which will see him become part of the team’s strategic steering committee. 

In this role, Kurtz will support the team’s innovation and technology strategy, while he will also look to grow the team’s ecosystem across the US and global technology sectors and secure investment from new tech partners.

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This deal sets a record valuation for a Formula One team, surpassing the UK£3 billion (US$4.06 billion) McLaren Racing were reportedly valued at in September.

It also marks a significant increase considering that Ineos paid UK£208 million (US$273 million) to acquire a 33 per cent stake in Mercedes in a deal announced in December 2020. 

Kurtz, who has secured class wins in the 24 Hours of Le Mans endurance race, said: “Winning in racing and cybersecurity requires speed, precision, and innovation. Milliseconds matter. Execution counts. Data wins.

“Technology is reshaping competitive advantage and human capability everywhere, including motorsport. I’m excited to help the team securely accelerate forward.”

Wolff added: “George’s background is unusual in its breadth: he’s a racer, a loyal sporting ambassador for Mercedes-AMG, and an exceptional entrepreneur.

“He understands both the demands of racing and the realities of building and scaling technology businesses. That combination brings specific insight that is increasingly relevant to the future of Formula One.”