Mercedes has introduced George Kurtz, an American billionaire, as their new co-owner. Kurtz, who is the founder and CEO of cybersecurity firm Crowdstrike and a sponsor of the Mercedes F1 team, has purchased a minority stake in team principal Toto Wolff’s share of the organization.
Despite the change in ownership, Wolff’s group will retain a one-third ownership of the team, and he will continue in his roles as team principal and CEO. A Mercedes spokesperson confirmed that the team’s management structure will remain unchanged, with Kurtz joining Wolff, Mercedes-Benz chief Ola Kallenius, and INEOS leader Sir Jim Ratcliffe on the team’s strategic steering committee.
Wolff praised Kurtz’s diverse background, highlighting his experience as a racer, a Mercedes-AMG ambassador, and a successful entrepreneur. He emphasized Kurtz’s unique insight into both racing demands and technology business development, which he believes is crucial for the future of Formula 1.
Kurtz has acquired a 15 percent stake in Wolff’s portion of the overall ownership of Mercedes F1, leading to speculation that the team’s total value could reach approximately £4.5 billion. In addition to his business acumen, Kurtz is an accomplished racing driver, achieving notable victories at prestigious events like the 24 Hours of Le Mans and endurance races at Sebring, Watkins Glen, and Indianapolis.
In addition to his ownership role at Mercedes, Kurtz will also take on a technology advisory position within the team. He expressed enthusiasm about the parallels between racing and cybersecurity, highlighting the importance of speed, precision, and innovation in both fields.
The ownership structure of Mercedes F1 will now be divided equally among three key stakeholders: Wolff and Kurtz, Ratcliffe, and the Mercedes-Benz Group. The partnership between Wolff and Kurtz will control 33.3 percent of the team, aligning with the ownership stakes held by Ratcliffe and Mercedes-Benz.
Sky has enhanced its Ultimate TV and Sky Sports bundle by including HBO Max, Netflix, Disney+, discovery+, and Hayu, along with 135 channels and comprehensive coverage of Formula 1. Sky’s broadcasting services encompass all Formula 1 sessions throughout the season, along with exclusive coverage of other sporting events like the Premier League, EFL, darts, and golf.