Toto Wolff Sells 5% Stake in Mercedes F1 as George Kurtz Joins Ownership

Toto Wolff, the CEO and team principal of Mercedes-AMG Petronas F1 Team, has sold part of his shareholding to American billionaire George Kurtz .



Kurtz, 55, is the founder of the cybersecurity firm CrowdStrike, which also sponsors Mercedes.



The deal values Mercedes F1 at approximately $6 billion, setting a record for a Formula 1 team.



Wolff’s holding company owns one-third of the team, so the 15% stake he sold translates to a 5% ownership of Mercedes F1.



Wolff will remain as team principal and CEO, with the governance structure of the team continuing unchanged.



Kurtz’s investment comes from his personal funds rather than those of CrowdStrike.



He described the valuation as “in line with the market,” adding that “if you look at sports [valuations] across the globe, they are all up.”



“Formula 1 is really at an inflection point where it is a thriving business,” Kurtz said.



“If you’re making an investment like this, you believe that the sport is going to grow, F1 is going to grow and the team valuations are going to grow, and you’re going to be able to contribute to that growth.”



Kurtz will not sit on the main board but will join the strategic steering committee, meeting with Wolff, Mercedes Group chairman Ola Kallenius, and Ineos chairman Sir Jim Ratcliffe to discuss team matters.



He described his role as “nothing more than a seat at the table to provide input and discussions.”



Wolff praised Kurtz, saying: “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 1.”



The sale represents a more than seven-fold increase in Mercedes F1’s value since INEOS acquired its one-third stake for £208 million in 2020.



The rise in valuation reflects the growing appeal of Formula 1 globally and the sport’s increasing financial success.



This trend was also evident in the blockbuster F1 movie starring Brad Pitt, which grossed over $630 million and became the highest-grossing sports film of all time.



Mercedes currently sits second in the constructors’ championship with three races remaining this season, starting with the Las Vegas Grand Prix.



Lead driver George Russell has won two of the 21 races so far and is fourth in the drivers’ championship behind Lando Norris, Oscar Piastri, and Max Verstappen.



Valuations of F1 teams are based on revenue multiples.



Mercedes’ $6 billion valuation is just over seven times its 2024 revenue of £636 million.



By comparison, McLaren was valued at £3.5 billion in September following a change in ownership.



In broader sporting terms, Mercedes is valued slightly less than Manchester United but more than Liverpool, putting it among the leading sports franchises worldwide.



Kurtz cited F1’s growth in the US market, boosted by the Netflix series Drive to Survive and multiple North American races, as a reason for his investment.



He added: “It’s a thriving business. And from that standpoint, if you have a thriving business with more market opportunity, particularly in the US, in my opinion, you’re going to see valuations grow. Can it grow into something like the NBA or like the NFL? I think so, which is why I invested.”



F1 team valuations are increasing due to predictable spending under the cost cap, long-term sponsorships, and steady prize money.



Mercedes’ revenue comes from sponsorships, licensing, F1 prize money, and technical partnerships such as supplying gearboxes to Williams and Aston Martin.



Mercedes is one of F1’s most valuable teams, alongside Ferrari, which is valued at $6.5 billion.
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