Mercedes has welcomed American billionaire George Kurtz as a new co-owner. The founder and CEO of cybersecurity company Crowdstrike, a sponsor of the Mercedes F1 team, has purchased a minority stake in team principal Toto Wolff’s share of the organization.
Wolff’s ownership group retains a one-third stake in the team, with him continuing in his roles as team principal and CEO. A spokesperson for Mercedes confirmed that the team’s governance structure will remain unchanged, but Kurtz will now join Wolff, Mercedes-Benz chief Ola Kallenius, and INEOS leader Sir Jim Ratcliffe on the team’s strategic steering committee.
Describing Kurtz, Wolff stated that his diverse background as a racer, a dedicated sporting ambassador for Mercedes-AMG, and a successful entrepreneur brings valuable insights to the team. Kurtz’s experience in both racing and technology businesses is seen as particularly relevant to the future of Formula 1.
Kurtz has acquired a 15 percent stake in Wolff’s share of the overall ownership of Mercedes F1, following reports that the deal could be valued at around £4.5 billion. In addition to his business acumen, Kurtz is also an accomplished racing driver, achieving notable victories in endurance events such as the 24 Hours of Le Mans and at various renowned circuits.
In addition to his ownership role, Kurtz will also take on a technology advisory position within the team. He emphasized the importance of speed, precision, and innovation in both racing and cybersecurity, highlighting the pivotal role of technology in reshaping competitive advantages across different sectors.
The ownership structure of Mercedes F1 now sees equal division among three key entities. Wolff, in partnership with Kurtz, controls one-third of the ownership, matching the stakes held by Ratcliffe and the Mercedes-Benz Group based in Germany.
Meanwhile, Sky has enhanced its Ultimate TV and Sky Sports bundle by including popular streaming services like HBO Max, Netflix, Disney+, discovery+, and Hayu, along with 135 channels and comprehensive coverage of Formula 1 events. Sky offers exclusive coverage of various sports leagues and events, including the Premier League, EFL, darts, and golf.