Mercedes has appointed George Kurtz, an American billionaire, as their new co-owner. Kurtz, who is the founder and CEO of the cybersecurity firm Crowdstrike and a sponsor of the Mercedes F1 team, has purchased a minority stake in team principal Toto Wolff’s share of the team.
Wolff’s ownership group will retain a one-third stake in the team, and he will continue in his roles as team principal and CEO. A Mercedes spokesperson confirmed that the team’s governance structure will remain unchanged, with Kurtz joining Wolff, Mercedes-Benz chief 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 loyal ambassador for Mercedes-AMG, and a successful entrepreneur. Wolff emphasized Kurtz’s valuable insights into both the racing industry and technology businesses, noting their relevance to the future of Formula 1.
Kurtz has acquired a 15 percent stake in Wolff’s portion of the overall ownership of Mercedes F1. Reports suggest that this transaction could value the team at approximately £4.5 billion. In addition to his business acumen, Kurtz is a racing driver who began competing in motorsport in 2016, achieving notable success at endurance events such as the 24 Hours of Le Mans and races at Sebring, Watkins Glen, and Indianapolis circuits.
Apart from his role as co-owner at Mercedes, Kurtz will also serve in a technology advisory capacity. He expressed enthusiasm for contributing his expertise in cybersecurity and racing, emphasizing the importance of speed, precision, and innovation in both fields.
The ownership structure of Mercedes F1 now sees equal ownership among three main stakeholders. Wolff, in partnership with Kurtz, holds a 33.3 percent stake, aligning with the ownership shares of Ratcliffe and the Mercedes-Benz Group based in Germany.
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