Toto Wolff has sold 15% of his stake in the Mercedes Formula 1 team to American billionaire George Kurtz, founder of cybersecurity firm Crowdstrike, which sponsors Mercedes.
The deal values Mercedes F1 at $6 bn (£4.6 bn), setting a record for a Formula 1 team. By comparison, McLaren was valued at £3.5 bn following a change in ownership in September. Wolff’s holding company owns a third of Mercedes F1, so the 15% stake sold represents 5% of the overall team. Wolff will receive $300 mln (£230 mln) but will remain as team principal and CEO, with governance unchanged.
Kurtz Joins Strategic Steering Committee
Kurtz, 55, invested personal funds rather than using his company, describing the valuation as “in line with the market” and highlighting global growth in sports team values. He will join Mercedes’ strategic steering committee alongside Ola Kallenius, Sir Jim Ratcliffe and Wolff, providing input without holding a main board seat.
Wolff praised Kurtz’s experience as both a racer and entrepreneur, noting his insight into racing and technology businesses as increasingly valuable to F1’s future.
The team’s value has risen more than seven-fold since Ineos purchased a one-third stake for £208 mln in 2020, reflecting Formula 1’s growing global appeal. The sport’s popularity has been boosted by media such as the Netflix series Drive to Survive and the successful F1 movie starring Brad Pitt, which grossed over $630 mln (£482 mln).
Mercedes Performance and Revenue
Mercedes is currently second in the constructors’ championship, with George Russell having won two of 21 races this season.
The $6 bn valuation is around seven times Mercedes’ 2024 revenue of £636 mln, placing it below Manchester United but above Liverpool in terms of sporting franchise value. Kurtz cited Formula 1’s growth in the US market, including races in Austin, Miami, Las Vegas and Mexico, as a key factor in his investment decision.
Mercedes earns revenue from sponsorship, licensing, prize money and supplying components like gearboxes to other teams. The team is one of the two most valuable in Formula 1 alongside Ferrari, valued at $6.5 bn (£5 bn). Forbes predicts the entry of Cadillac next year will further boost F1 team valuations.
