Toto Wolff has sold 15% of his shares in the Mercedes Formula 1 team to George Kurtz, the CEO and founder of CrowdStrike, one of the squad’s main sponsors. Despite the change, the Austrian team principal will continue to hold all the roles he currently occupies within the Brackley organisation.
The commercial success of Formula 1 is reflected clearly in the skyrocketing valuations of the teams competing in the championship. In August 2020, the Dorilton Capital fund acquired Williams Racing for 200 million dollars. Five years later, a top team such as Mercedes is valued at 4.2 billion dollars. Two major factors have fuelled this exponential growth: the introduction of the financial regulations has turned teams into profitable businesses by limiting unlimited spending through the budget cap, pushing everyone toward maximum efficiency; additionally, the steady rise in overall revenue under Liberty Media has ensured larger dividends for the teams.
Mercedes has now confirmed a change in its shareholding structure. Following the passing of Niki Lauda in 2019, the ownership was split evenly between three shareholders: the Daimler Group (parent company of Mercedes), chemical giant Ineos, and Toto Wolff. The situation has now shifted after Wolff decided to sell 15% of his stake to American businessman George Kurtz, the CEO and founder of the cybersecurity company CrowdStrike—an industry leader in AI-driven security and a Mercedes sponsor since 2019. In practical terms, George Kurtz will now hold 5% of the team’s total shares.
“I believe this shows good development, because the teams have become sustainable and a source of profit,” Wolff told Sky Sports F1. “This isn’t just a valuation taken out of thin air. If you look at our revenues and our cash flow, we are among the five—maybe even three—most profitable sports teams in the world, and that’s where these valuations come from. It’s the result of many years of work and of the positive moment this sport is experiencing.”
Based on the team’s valuation of 4.2 billion dollars, the sale of Toto Wolff’s stake has brought in around 210 million euros, a figure that confirms the Mercedes F1 Team as the highest-valued outfit in the entire championship. George Kurtz has also been appointed as a technology advisor for Mercedes F1 and has joined the team’s strategic board alongside Mercedes-Benz Group chairman Ola Källenius, Ineos founder Sir Jim Ratcliffe, and Toto Wolff. The team’s governance remains unchanged, and Wolff will continue to perform all his existing leadership duties.
“To win in racing and in cybersecurity, you need speed, precision and innovation,” the new shareholder explained. “Milliseconds matter, as does flawless execution. Data is an essential tool to achieve success, technology is reshaping the pursuit of competitiveness, and I’m excited to contribute to the continued growth of the team.”
Beyond his business success, Kurtz is also directly active in endurance racing. He began his driving career in 2016 and has since claimed major achievements such as the 2023 Le Mans 24 Hours LMP2 Pro-Am victory, the 2021 12 Hours of Sebring, Petit Le Mans 2023, and the 24 Hours of Spa, all at the wheel of a Mercedes-AMG GT3. “George’s background is unusually broad: he is a driver, a loyal sporting ambassador for Mercedes-AMG, and an exceptional entrepreneur. He understands both the demands of motorsport and the realities of scaling technology companies—a combination that is extremely relevant for the future of a Formula 1 team.”
Leave a Reply