Mercedes-AMG Petronas Formula 1 Team principal Toto Wolff has sold a portion of his ownership stake to George Kurtz, the billionaire founder and CEO of cybersecurity firm CrowdStrike. The transaction amount was not disclosed. Wolff retains his role as team principal and CEO, and his remaining stake keeps him as a significant shareholder alongside Mercedes-Benz AG, which continues to hold majority ownership.
Kurtz, whose $6.8 billion net worth stems largely from CrowdStrike's $82 billion market capitalization, has no prior public involvement in motorsport ownership. The sale represents the first material restructuring of Mercedes F1's ownership since the manufacturer re-entered Formula 1 as a works team in 2010. Wolff previously held approximately 33% of the team's equity, acquired progressively between 2013 and 2016. Mercedes-Benz holds the remaining 67%, though the company has publicly explored selling down its stake over the past two years as it redirects capital toward electric vehicle development.
The timing is instructive. Mercedes finished second in the 2024 Constructors' Championship after three winless seasons, ending a drought that began in 2021 when F1's ground-effect aerodynamic regulations reset the competitive order. The team's wind tunnel allocation will increase slightly in 2025 under the sport's sliding-scale development restrictions, and technical director James Allison has overseen a methodical recovery in car performance. Wolff's partial exit occurs as Mercedes prepares for the 2026 power unit regulation cycle, which will require an estimated $300 million investment in new engine architecture favoring sustainable fuels and increased electrical deployment.
Kurtz's entry introduces non-endemic capital at a moment when Formula 1 team valuations have climbed sharply. Liberty Media's ownership has driven the sport's U.S. expansion, adding Las Vegas to Miami and Austin on the calendar. The average F1 team is now valued near $1.4 billion, up from roughly $500 million in 2016. CrowdStrike's enterprise customer base includes 298 of the Fortune 500, and Kurtz has cultivated relationships in private aviation and luxury real estate—adjacent to but not overlapping with motorsport sponsorship ecosystems. Whether his involvement remains passive or evolves into active sponsorship integration will determine if this is a financial allocation or a platform play.
Mercedes has not announced corresponding changes to its commercial partnerships, which include Petronas (title sponsor through 2028), IWC, Puma, and a portfolio of tech-sector brands. The team's sponsorship revenue is estimated at $250 million annually, trailing Red Bull Racing but ahead of Ferrari in gross commercial intake. Wolff's decision to sell coincides with his 53rd birthday and a contract extension through 2026 signed last year. His stake sale does not trigger any known change-of-control clauses in driver contracts; Lewis Hamilton departs for Ferrari in 2025 under a deal signed in early 2024, while George Russell remains under contract through 2025 with a team option for 2026.
The immediate watchpoint is whether Mercedes-Benz itself follows Wolff's lead. Ola Källenius, the automaker's CEO, has floated the idea of bringing in a strategic partner to share the team's operating costs, which approached $450 million in 2023. Audi and Ford have entered F1 as power unit suppliers for 2026; GM is evaluating entry through Cadillac by 2028. If Mercedes retains full works commitment, Kurtz's capital could fund facility upgrades at Brackley and Brixworth ahead of the regulatory shift. If Mercedes dilutes further, Kurtz may anchor a consortium.
Wolff's wife, Susie Wolff, manages the F1 Academy and previously served as Williams Racing's test driver. She holds no direct equity in Mercedes F1 but has equity exposure through family holdings. George Kurtz's wife, Dee Anna Kurtz, serves on multiple technology and health-sector boards, none motorsport-related. The transaction was not structured as a control transfer, so it likely avoided FIA approval thresholds. The governing body requires ownership filings only when a single entity crosses 50% or when new owners acquire managerial authority.
Mercedes begins 2025 testing at Bahrain's Sakhir circuit on February 26. The team has not announced a reserve driver following Mick Schumacher's exit, and no technical leadership changes are expected before the season opener in Melbourne on March 16. Kurtz has not been photographed in the Mercedes garage, and CrowdStrike is not listed among the team's commercial partners.
The deal closes as Formula 1's cost cap enters its fourth season. Teams are restricted to $135 million in operational spending, excluding driver salaries, marketing, and certain capital expenditures. Ownership transactions fall outside the cap, meaning Kurtz's investment does not alter Mercedes' 2025 budget. But it does alter the question of who underwrites losses if the team underperforms or who profits if Liberty Media's next media-rights cycle doubles revenues again.
The takeaway
Wolff's partial exit adds non-endemic capital at a time when Mercedes-Benz has openly considered diluting its majority stake ahead of 2026 regulations.
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