Mercedes has introduced George Kurtz, an American billionaire, as their latest co-owner. Kurtz, the CEO of cybersecurity company Crowdstrike and a sponsor of Mercedes F1, has obtained a minority share in the team previously owned by Toto Wolff.
Wolff’s ownership group retains a one-third stake in the team, with Wolff continuing as both the team principal and CEO. A spokesperson for Mercedes confirmed that the team’s structure will remain unchanged, with Kurtz joining Wolff, Ola Kallenius from Mercedes-Benz, and Sir Jim Ratcliffe from INEOS on the team’s strategic steering committee.
Wolff praised Kurtz’s diverse background, highlighting his experience as a racer, a loyal ambassador for Mercedes-AMG, and a successful entrepreneur. He emphasized Kurtz’s unique perspective, bridging the worlds of racing and technology businesses, which is crucial for the future of Formula 1.
Kurtz has acquired a 15 percent stake in Wolff’s portion of the Mercedes F1 ownership, with reports indicating that the team’s overall value could reach approximately £4.5 billion. In addition to his business acumen, Kurtz is also an accomplished racing driver, achieving notable victories in endurance events at prestigious circuits like Le Mans, Sebring, Watkins Glen, and Indianapolis.
Aside from his ownership role at Mercedes, Kurtz will also take on a technology advisory position within the team. He expressed excitement about the parallels between racing and cybersecurity, highlighting the importance of speed, precision, and innovation in both fields.
The ownership structure of Mercedes F1 now sees equal distribution among three key stakeholders. Wolff, in partnership with Kurtz, controls 33.3 percent, aligning with the ownership stakes held by Ratcliffe and the Mercedes-Benz Group based in Germany.
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