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F1 Team Valued at Record $6 Billion After Toto Wolff Stake Sale
21 Nov
Summary
- Toto Wolff sold 15% of Mercedes F1 to George Kurtz for $300 million.
- The deal values the Mercedes F1 team at a record $6 billion.
- Kurtz, founder of sponsor CrowdStrike, joins the team's steering committee.
Mercedes team principal Toto Wolff has divested 15% of his shareholding in the Formula One team to billionaire investor George Kurtz for $300 million. This transaction establishes a new benchmark valuation for an F1 team, reaching $6 billion, a figure that rivals major global sports franchises. Kurtz, the founder of one of Mercedes' key sponsors, CrowdStrike, is acquiring the stake using his personal wealth.
Kurtz expressed optimism about the future growth of Formula 1 and team valuations, indicating his belief in contributing to this expansion. While not joining the main board, he will become a member of the team's steering committee. This investment underscores the significant increase in the team's value, which has reportedly grown over sevenfold since Ineos acquired a third stake in 2020.
The Mercedes F1 team, which currently features George Russell as its lead driver, is experiencing a period of substantial financial and commercial interest. The deal with Kurtz highlights the increasing appeal of Formula 1 as a high-value sporting asset, attracting significant investment from influential figures in business and technology.
