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 acquired a minority share in the team principal Toto Wolff’s ownership.
Wolff’s group retains a one-third stake in the team, with him staying on as both team principal and CEO. A spokesperson for Mercedes confirmed that the team’s leadership structure will remain unchanged but mentioned that Kurtz will join Wolff, Mercedes-Benz chief Ola Kallenius, and INEOS head Sir Jim Ratcliffe on the strategic steering committee.
In a statement, Wolff highlighted Kurtz’s diverse background as a racer, a devoted Mercedes-AMG sporting ambassador, and a successful entrepreneur. He praised Kurtz’s understanding of the racing industry and technology business landscape, emphasizing the valuable insights he brings to Formula 1’s future.
Kurtz has acquired a 15 percent stake in Wolff’s share of Mercedes F1, with reports suggesting that the deal values the team at approximately £4.5 billion. In addition to his business acumen, Kurtz is an accomplished racing driver who began his motorsport career in 2016, achieving notable victories at prestigious events like the 24 Hours of Le Mans and endurance races at Sebring, Watkins Glen, and Indianapolis.
Apart from his co-ownership role at Mercedes, Kurtz will also provide technology advisory services to the team. He expressed his enthusiasm for leveraging speed, precision, and innovation in both racing and cybersecurity, highlighting the critical role of technology in enhancing competitive advantage across various industries, including motorsport.
The ownership structure of Mercedes F1 remains evenly split among three key entities. Wolff, now partnered with Kurtz, controls 33.3 percent, aligning with the stakes held by Ratcliffe and Mercedes-Benz Group. Formula 1 enthusiasts can now enjoy live coverage of every practice, qualifying session, and race through Sky’s new Essential TV and Sky Sports bundle, offering significant savings and access to additional channels and streaming services like Netflix and Discovery+.