Mercedes has introduced George Kurtz, an American billionaire, as their latest co-owner. Kurtz, the founder and CEO of Crowdstrike, a sponsor of Mercedes F1, has acquired a minority share in team principal Toto Wolff’s stake in the team.
Wolff’s ownership group will retain a one-third share of the team, with Wolff continuing in his roles as team principal and CEO. A spokesperson for Mercedes confirmed that the team’s governance structure will remain unchanged. However, Kurtz will join Wolff, Mercedes-Benz chief Ola Kallenius, and INEOS head Sir Jim Ratcliffe on the team’s strategic steering committee.
Wolff praised Kurtz for his diverse background, highlighting his experience as a racer, a Mercedes-AMG sporting ambassador, and a successful entrepreneur. He emphasized that Kurtz’s understanding of both racing and technology businesses will provide valuable insights for the future of Formula 1.
Kurtz has acquired a 15 percent stake in Wolff’s share of Mercedes F1, following reports that Wolff was set to receive a significant sum for the sold stake, valuing the team at approximately £4.5 billion. Kurtz, a businessman and racing driver since 2016, achieved a notable victory at the 2023 24 Hours of Le Mans in the LMP2 Pro-Am category and secured wins at endurance events in Sebring, Watkins Glen, and Indianapolis.
In addition to his co-ownership position at Mercedes, Kurtz will also take on a technology advisory role. He emphasized the importance of speed, precision, and innovation in both racing and cybersecurity, noting the transformative role of technology in enhancing competitive advantage in motorsport.
The ownership structure of Mercedes F1 remains evenly split among three key entities, with Wolff, now partnered with Kurtz, controlling 33.3 percent, mirroring the stakes held by Ratcliffe and Mercedes-Benz Group based in Germany.
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