Toto Wolff, principal and chief executive (CEO) at the Mercedes Formula 1 (F1) motor racing team, has sold a 15% stake in his shareholding in the outfit to US billionaire George Kurtz.
The total deal values Mercedes, one of the series' heavyweights over the last decade, at $6 billion in total. Wolff owned a one-third stake in Mercedes, so 15% of that equates to 5% of the team overall
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The last stake bought in the team – petrochemicals giant Ineos took one-third ownership in 2020 – sold for £208 million (now, $271.8 million), meaning Mercedes F1's overall value has increased more than sevenfold in the last five years.
The deal surpasses the valuation of fellow UK-based team McLaren, after it was valued at £3.5 billion in a change of ownership structure in September.
Wolff will net himself $300 million from the sale and will stay on as CEO and team principal, meaning the team's governance will not be altered. The agreement was first reported earlier this month.
Kurtz is the founder of Crowdstrike, the software company that is a commercial partner of Mercedes. He has also enjoyed success himself as a racing driver, including a class win at the 2023 edition of the 24 Hours of Le Mans LMP2 Pro-Am.
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By GlobalDataHe will now join the team's 'strategic steering committee', which previously contained Wolff, Ola Kallenius (chair of the management board of the Mercedes Group), and Sir Jim Ratcliffe (chair of Ineos). However, he will not sit on the main board itself.
Kurtz said: "Formula 1 is really at an inflection point where it is a thriving business.
"If you're making an investment like this, you believe that the sport is going to grow, F1 is going to grow, and the team valuations are going to grow, and you're going to be able to contribute to that growth."
Wolff added: "George's background is unusual in its breadth: he's a racer, a loyal sporting ambassador for Mercedes-AMG, and an exceptional entrepreneur.
"He understands both the demands of racing and the realities of building and scaling technology businesses. That combination brings specific insight that is increasingly relevant to the future of Formula 1."
The value of F1 and its teams has risen significantly in recent years, as the series has seen its popularity rise exponentially across key growth markets such as the US.
Mercedes – now ranked as one of the two most valuable F1 teams, alongside the iconic Ferrari – sit second in the 10-team 2025 F1 constructors' championship standings, having won two races out of 21 this season.
Crowdstrike first became a global partner of the team in 2019, meanwhile.
Elsewhere in F1, the series has expanded and extended its commercial relationship with global telecommunications heavyweight T-Mobile.
That firm has struck a multi-year extension to carry on as the exclusive 5G partner of the upcoming Las Vegas Grand Prix (taking place tomorrow, November 22), while it has also been unveiled as the new regional 5G innovation partner of F1.
That latter element of the deal means T-Mobile will bring its "5G-connected technologies supporting broadcast innovations and fan activations" to the US Grand Prix in Austin, Texas, throughout the length of the partnership.
T-Mobile was initially brought on board as a Las Vegas GP partner in 2022, with GlobalData Sport valuing that deal at $2 million.
Expanded 5G support for broadcast operations will be rolled out next year, T-Mobile has said, through its T-Mobile for Business division.
In addition, the brand's Club Magenta lounge and fan area at the Las Vegas race will make its debut at the US Grand Prix next year.
Emily Prazer, F1 chief commercial officer – and president and chief executive of the Las Vegas Grand Prix organizing body – has said: "The launch of Formula 1 in Las Vegas has defined a new era for the sport, and T-Mobile has been a valued partner from day one. Their technology, creativity, and fan-first mindset continue to elevate the race week experience — and we’re thrilled to expand this partnership as we look to the future.”
