Mercedes has revealed that American billionaire George Kurtz is now a co-owner of the team. Kurtz, the founder and CEO of cybersecurity company Crowdstrike, which sponsors Mercedes F1, has obtained a minority share previously owned by team principal Toto Wolff.
Wolff’s ownership group retains 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 head Sir Jim Ratcliffe on the strategic steering committee.
Describing Kurtz’s background as diverse, Wolff highlighted his experience as a racer, a loyal Mercedes-AMG sporting ambassador, and a successful entrepreneur. Wolff emphasized that Kurtz’s understanding of both racing demands and technology business scaling brings valuable insights to the future of Formula 1.
Kurtz has acquired a 15 percent share in Wolff’s portion of the overall Mercedes F1 ownership. Reports suggest that this transaction could value the team at approximately £4.5 billion. In addition to his business acumen, Kurtz is an accomplished racing driver, achieving notable success in motorsport since 2016, including a victory in the LMP2 Pro-Am category at the 2023 24 Hours of Le Mans.
Apart from his new co-ownership role at Mercedes, Kurtz will also serve as a technology advisor. He expressed enthusiasm for contributing to the team’s progress, emphasizing the importance of speed, precision, and innovation in both racing and cybersecurity.
The ownership structure of Mercedes F1 now sees ownership evenly split among three main entities. Wolff and Kurtz collectively control 33.3 percent, matching the stakes held by Ratcliffe and the Mercedes-Benz Group. Additionally, Sky has enhanced its Ultimate TV and Sky Sports bundle to include a variety of streaming services and comprehensive coverage of Formula 1, alongside other sports events.