Toto Wolff completes Mercedes sale as F1 team valued at £4.6billion

Mercedes F1 boss Toto Wolff has sold 15 per cent of his shareholding in the team, with the stake reportedly equating to £230 million.

As well as being the team principal and CEO of the Mercedes F1 team, Wolff also owns a large stake in the team, but reports recently suggested that he has been looking to cash in on that stake.

Now, he has sold 15 per cent of his stake - a five per cent stake in Mercedes F1 team overall - to American billionaire George Kurtz.

The sale will not impact Wolff’s role at Mercedes, and he will continue in his position of team principal and CEO.

Kurtz is the founder of Mercedes partner CrowdStrike, and said of his recent acquisition: "Formula 1 is really at an inflection point where it is a thriving business.

"If you're making an investment like this, you believe that the sport is going to grow, F1 is going to grow and the team valuations are going to grow, and you're going to be able to contribute to that growth."

Mercedes announce new appointment

The sale of this stake has led to a new valuation of Mercedes F1 as a team, with the Brackley-based squad now worth around a whopping £4.6 billion.

That official valuation is a record for an F1 team, and follows McLaren recently being valued at over £3 billion back in September.

As part of the sale, Kurtz has also joined the Mercedes ownership group, becoming a technology advisor.

An Instagram post from the team revealed the news, saying: "We’re proud to announce that George Kurtz, CEO and Founder of @crowdstrike, has been appointed Technology Advisor and has joined the team’s long-term ownership group."

Following the sale of part of his stake in the team, Wolff also released an official statement about Kurtz's expertise, adding: "George's background is unusual in its breadth: he's a racer, a loyal sporting ambassador for Mercedes-AMG, and an exceptional entrepreneur.

"He understands both the demands of racing and the realities of building and scaling technology businesses. That combination brings specific insight that is increasingly relevant to the future of Formula 1."

REVEALED: Who are F1's richest team?

Related