Mercedes has revealed that American billionaire George Kurtz is now a co-owner of the team. Kurtz, the founder and CEO of cybersecurity firm Crowdstrike and a sponsor of Mercedes F1, has purchased a minority stake from team principal Toto Wolff’s share of the team.
Wolff’s ownership group retains a one-third stake in the team, and he will continue to serve as both the team principal and CEO. A spokesperson for Mercedes confirmed that the team’s governance structure will remain unchanged, with Kurtz joining Wolff, Mercedes-Benz head Ola Kallenius, and INEOS chief Sir Jim Ratcliffe on the team’s strategic steering committee.
In a statement, Wolff praised Kurtz’s diverse background, highlighting his experience as a racer, a Mercedes-AMG ambassador, and a successful entrepreneur. He emphasized Kurtz’s unique perspective, which combines racing demands with technology business expertise, making it valuable for the future of Formula 1.
Kurtz has acquired a 15 percent stake in Wolff’s portion of the overall ownership of Mercedes F1. This development follows reports indicating that Wolff was set to receive a significant sum for the sold stake, potentially valuing the team at approximately £4.5 billion.
Apart from his business acumen, Kurtz is also an accomplished racing driver who entered motorsport in 2016. His notable achievements include winning the 2023 24 Hours of Le Mans in the LMP2 Pro-Am category and securing class victories at endurance events held at Sebring, Watkins Glen, and Indianapolis circuits. In addition to becoming a co-owner at Mercedes, Kurtz will take on a technology advisory role.
Expressing his enthusiasm, Kurtz emphasized the parallels between winning in racing and cybersecurity, highlighting the importance of speed, precision, and innovation in both fields. He underscored the role of technology in enhancing competitive advantage and human capabilities, stating his eagerness to contribute to the team’s progress.
The ownership structure of Mercedes F1 now sees equal ownership among three main entities. Wolff, now partnered with Kurtz, holds 33.3 percent, matching the stakes held by Ratcliffe and the Mercedes-Benz Group based in Germany.
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