Wolff sells £230m stake valuing Mercedes F1 at £4.6bn
Summary
Toto Wolff sold 15% of his shares in the Mercedes Formula 1 team to George Kurtz, valuing the team at $6 billion. Wolff will continue as team principal and CEO, while Kurtz will join the strategic steering committee. The sale highlights the growth in Formula 1's popularity and financial value.Key Facts
- Toto Wolff sold 15% of his stake in Mercedes F1 to George Kurtz for $300 million.
- The sale values the Mercedes F1 team at $6 billion, the highest valuation for an F1 team.
- George Kurtz is the founder of Crowdstrike, a cybersecurity company sponsoring Mercedes.
- Wolff retains his role as team principal and CEO of Mercedes F1.
- The deal increases the Mercedes F1 team's value more than seven times since 2020.
- Recent F1 growth in the U.S. market influenced Kurtz's investment.
- Mercedes is second in the constructors' championship with three races left this season.
- George Russell, Mercedes' lead driver, has won two races and is fourth in the drivers' championship.
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