Mercedes has revealed that George Kurtz, an American billionaire and the founder of cybersecurity firm Crowdstrike, is now a co-owner of the team. Kurtz has obtained a minority stake previously held by team principal Toto Wolff. Despite this change, Wolff’s ownership group will retain a one-third share, and he will continue in his roles as team principal and CEO. The team’s governance structure will not be altered, but Kurtz will now be part of the strategic steering committee alongside Wolff, Mercedes-Benz boss Ola Kallenius, and INEOS chief Sir Jim Ratcliffe.
Wolff praised Kurtz for his diverse background, highlighting his experience as a racer, a devoted sporting ambassador for Mercedes-AMG, and a successful entrepreneur. Kurtz’s unique blend of racing experience and business acumen is seen as valuable for the future of Formula 1.
In this new partnership, Kurtz has secured a 15 percent stake in Wolff’s ownership portion of Mercedes F1, a move that follows reports of a significant financial transaction expected to value the team at around £4.5 billion. Kurtz, not only a businessman but also a racing driver since 2016, has achieved notable success in motorsport, including a victory at the 2023 24 Hours of Le Mans.
Aside from his co-ownership role, Kurtz will also take on a technology advisory position within the team. He emphasized the importance of speed, precision, and innovation in both racing and cybersecurity, highlighting the impact of technology on competitive advantages.
The ownership structure of Mercedes F1 now sees three main factions sharing equal stakes. Wolff, joined by Kurtz, controls 33.3 percent, matching the ownership shares of Ratcliffe and Mercedes-Benz Group. Additionally, Sky has enhanced its Ultimate TV and Sky Sports bundle to include a wider range of content, including HBO Max, Netflix, Disney+, and more, with comprehensive coverage of Formula 1 and other sports events.