Toto Wolff sold 15% of his Mercedes shares to American billionaire George Kurtz.
Wolff will retain his role as team principal and CEO of the F1 team.
Kurz, the founder of cybersecurity firm CrowdStrike, which has been a Mercedes partner since 2019, has bought a 15 per cent ownership interest controlled by Wolff, giving him an equal one-third stake in the team alongside Mercedes-Benz and Ineos.
Kurz has joined Mercedes’ ownership group and has also been appointed technical advisor.
“F1 is really at a tipping point where the business is growing,” Kurtz said.
“If you’re making this kind of investment, we believe that the sport will grow, F1 will grow and the team’s reputation will rise, and you can contribute to that growth.”
Kurz will not sit on the main board, but will sit on the team’s strategic management committee, which will meet with Ola Kallenius, chairman of the Mercedes Group Management Board, Sir Jim Ratcliffe, chairman of Ineos, and Wolff to discuss issues relating to the team.
Wolff said: “The breadth of George’s career is exceptional. He is a racer, a loyal sports ambassador for Mercedes-AMG and an extraordinary entrepreneur.
“He understands both the demands of racing and the realities of building and scaling a technology business. That combination provides concrete insights that are increasingly relevant to the future of F1.”
Initial reports last week suggested that Kurz’s purchase would represent 5% of the team, valuing Mercedes F1 at a record £4.6bn.
Regarding the significant rise in F1 team ratings in recent years, Wolff told Sky Sports F1 at the Las Vegas Grand Prix following Kurz’s announcement: “I think the team is showing good development as it has become sustainable and profitable.
“It’s not just a valuation plucked out of thin air. If you look at our revenue and cash flow, we’re in the top five, maybe three, of the most profitable sports teams in the world. And that’s where the valuation comes from.
“The sport is in good shape after years of hard work.”
F1’s thrilling title race continues with this weekend’s Las Vegas Grand Prix, which will be broadcast live on Sky Sports F1. Stream Sky Sports now – cancel anytime with no contract
