Toto Wolff Sells 15% Stake in Mercedes F1 Team to U.S. Billionaire
Toto Wolff has sold a 15% stake in the Mercedes F1 team to U.S. billionaire George Krutz for approximately £230 million, valuing the team at a record-breaking £4.57 billion. Wolff remains CEO and team principal, while Krutz, CEO of Crowdstrike, becomes a co-owner and joins the strategic steering committee. This move signals continued strong investment in F1 and a tech-focused future for Mercedes.
Mercedes Team Principal Toto Wolff has sold a 15% stake in the Formula 1 team to American billionaire George Krutz, marking a significant shift in ownership. Wolff will retain his role as CEO and team principal, even as Krutz, the CEO of cybersecurity firm Crowdstrike and an existing sponsor, joins as a co-owner and a member of the team's strategic steering committee.
Why it matters:
This deal, valuing Mercedes F1 at a record-setting £4.57 billion ($5.97bn), underscores the immense and growing financial appeal of Formula 1. For Mercedes, it brings in a tech-savvy investor with a deep understanding of both racing and cutting-edge technology, potentially fortifying the team's capabilities in an increasingly data-driven sport. It also highlights the continued U.S. investment interest in F1 teams.
The Details:
- Sale Specifics: Toto Wolff sold his 15% stake to George Krutz, a transaction estimated to be worth around £230 million ($300m). This deal values the entire Mercedes F1 team at approximately £4.57 billion ($5.97bn), setting a new valuation record for an F1 team.
- Continued Leadership: Despite the sale, Wolff, who previously owned one-third of Mercedes, will remain in his critical roles as CEO and team principal, ensuring continuity in leadership.
- New Co-Owner: George Krutz, 55, is the CEO and founder of Crowdstrike, a cybersecurity company that currently sponsors Mercedes. His acquisition of the minority interest makes his share 5% of the team.
- Strategic Role: Krutz will also join the team's strategic steering committee, working alongside Mercedes group chairman Olla Kallenius and Ineos chief Sir Jim Ratcliffe. This position suggests a hands-on approach to strategic direction.
- Wolff's Perspective: Wolff praised Krutz's 'unusual breadth' of background, noting his experience as a racer, a loyal Mercedes-AMG ambassador, and an exceptional entrepreneur. He emphasized Krutz's understanding of both racing demands and scaling technology businesses, calling this combination