Mercedes has introduced George Kurtz, an American billionaire, as their latest co-owner. Kurtz, the founder and CEO of cybersecurity company Crowdstrike and a sponsor of the Mercedes F1 team, has acquired a minority share from team principal Toto Wolff.
Wolff’s ownership group retains a one-third stake in the team, with Wolff continuing in his roles as team principal and CEO. A Mercedes spokesperson confirmed that the team’s governance structure will remain unchanged, but Kurtz will join Wolff, Mercedes-Benz head Ola Kallenius, and INEOS chief Sir Jim Ratcliffe on the team’s strategic steering committee.
Describing Kurtz’s background as diverse, Wolff highlighted his experience as a racer, a loyal sporting representative for Mercedes-AMG, and a successful entrepreneur. Wolff emphasized Kurtz’s understanding of both the racing industry and the business aspects of technology ventures, providing valuable insights for the future of Formula 1.
Kurtz has acquired a 15 percent interest in Wolff’s share of Mercedes F1, following reports suggesting that Wolff would receive a substantial nine-figure sum for the stake, valuing the team at approximately £4.5 billion. Aside from his business achievements, Kurtz is also an accomplished racing driver, having started his motorsport career in 2016 and achieving notable successes in endurance events.
In addition to his co-ownership role at Mercedes, Kurtz will also take on a technology advisory position within the team. Expressing his enthusiasm, Kurtz emphasized the importance of speed, precision, and innovation in both racing and cybersecurity, highlighting the crucial role of technology in enhancing competitive advantage.
The ownership structure of Mercedes F1 now consists of three main parties, each holding an equal share. Wolff, alongside Kurtz, now controls 33.3 percent, aligning with the stakes held by Ratcliffe and Mercedes-Benz Group. Sky has recently enhanced its Ultimate TV and Sky Sports bundle to include a range of additional content, including HBO Max, Netflix, Disney+, and more, offering comprehensive coverage of Formula 1 and other sports events.