Formula 1: Toto Wolff sells part of Mercedes stake to billionaire Georg Kurz

Toto Wolff has sold 15% of his stake in the Mercedes Formula 1 team to American billionaire George Kurz.

Kurtz, 55, is the founder of cybersecurity firm Crowdstrike, a sponsor of Mercedes.

The deal values ​​Mercedes F1 at $6bn (£4.6bn), a record for an F1 team. McLaren was valued at £3.5bn in a change in ownership structure in September.

Wolff’s holding company owns a third of Mercedes F1, so the stake he is selling is equivalent to 5% of the team.

Wolff, who will receive $300m (£230m) from the deal, will remain as team principal and CEO, while Mercedes F1 management continues unchanged.

Kurtz, whose share comes from his personal funds rather than from his company’s, said the team’s valuation is “in line with the market,” adding that “if you look at sports… [valuations] “Around the world, they are all on the rise.”

“Formula 1 has really reached an inflection point where it has become a thriving business,” Kurtz said.

“If you are making an investment like this, you believe the sport will grow, Formula 1 will grow and the team ratings will grow, and you will be able to contribute to that growth.”

Kurtz will not be a member of the main management board but will join the team’s strategic steering committee, in which Ola Källenius, Chairman of the Board of Management of the Mercedes Group, Ineos Chairman Sir Jim Ratcliffe and Wolff meet to discuss issues related to the team.

Kurtz described his role as “nothing more than a seat at the table to provide input and discussions.”

“George’s background is extraordinary in its breadth: he is a racer, a loyal sports ambassador for Mercedes-AMG, and an exceptional businessman,” Wolff said.

“He understands the demands of racing and the realities of building and scaling a technology business. This combination brings a specific vision that is increasingly relevant to the future of Formula 1.”

The deal represents a more than seven-fold increase in the value of Mercedes F1 since Ineos bought its one-third stake for £208m in 2020.

This rise reflects the growth in ratings for Formula 1 teams in the past few years as a result of the growing appeal of the sport around the world.

This was also demonstrated by the success of the Brad Pitt-starring F1 film, which was released last summer and grossed more than $630m (£482m) at the box office. It is Pitt’s most successful film and the most successful sports film of all time.

Mercedes sits second in the Constructors’ Championship with three races remaining this season, starting with the Las Vegas Grand Prix this weekend.

Their lead driver George Russell has won two of 21 Grands Prix this year and is fourth in the Drivers’ Championship behind Lando Norris, McLaren’s Oscar Piastri and Red Bull’s Max Verstappen.