Mercedes have confirmed that American billionaire George Kurtz has taken a minority stake in team principal Toto Wolff’s share of the Formula 1 team, ahead of the Las Vegas Grand Prix
Mercedes have announced American billionaire George Kurtz as their new co-owner. The founder and chief executive of cybersecurity firm Crowdstrike, a Mercedes F1 sponsor, has acquired a minority stake in team principal Toto Wolff’s share of the outfit.
Wolff’s ownership group continues to hold one-third of the team and he will remain as both team principal and CEO. A Mercedes spokesperson confirmed the team’s governance structure will stay unchanged, though Kurtz will join Wolff, Mercedes-Benz boss Ola Kallenius and INEOS chief Sir Jim Ratcliffe on the team’s strategic steering committee.
Wolff said: “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.”
Kurtz has secured a 15 percent stake in Wolff’s portion of the overall Mercedes F1 ownership. It follows reports that the Austrian was poised to receive a nine-figure fee for the sold stake, which would value the team overall at around £4.5billion.
Kurtz is not just a successful businessman but also a racing driver who started competing in motorsport back in 2016. His crowning achievement came with triumph at the 2023 24 Hours of Le Mans in the LMP2 Pro-Am category, whilst he’s also secured class wins in endurance events at Sebring, Watkins Glen and Indianapolis circuits.
Alongside becoming co-owner at Mercedes, he’ll also assume a technology advisory position.
The American 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.”
Mercedes F1’s ownership structure remains divided equally amongst three main factions. Wolff, now partnered with Kurtz, controls 33.3 percent, matching the stakes held by Ratcliffe and the German-based Mercedes-Benz Group.
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