Mercedes announce major move as new co-owner steps in

Toto Wolff has diluted his joint control of Mercedes in a major move for the Formula 1 team.

Wolff had been a one-third owner of the Brackley-based squad, alongside Mercedes-Benz, and Sir Jim Ratcliffe's INEOS group.

But in a significant change, Wolff has relinquished 15% in the holding company that owns his stake to George Kurtz, CEO and founder of CrowdStrike, one of Mercedes' primary global partners. Kurtz, who has taken up the role of technology advisor, now holds roughly a five per cent stake in the team.

Team principal Wolff said: “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."

Kurtz also joins the team’s strategic steering committee alongside the chairman of the board of management of Mercedes-Benz Group AG, Ola Källenius, Ratcliffe, and Wolff.

Mercedes has affirmed that "the governance of the team remains unchanged, and Wolff continues in all existing executive roles".

Kurtz is a renowned business leader in the world of AI cybersecurity. Mercedes has stated that in his advisory capacity, "Kurtz will support the team’s innovation and technology strategy, with a focus on the intersection of competitive motorsport, data analytics, and performance.

"He will also work to grow the team’s ecosystem across the U.S. and global technology sectors, and to secure competitive advantage and investment from new tech partners.

Kurtz is also a renowned racer, winning the 2023 24 Hours of Le Mans LMP2 Pro-Am class; 2021 12 Hours of Sebring; 2023 Petit Le Mans, 2023 6 Hours of the Glen, as well as being a two-time winner of both the Indianapolis 8 Hour and 24 Hours of Spa in a Mercedes-AMG GT3.

On his acquisition, Kurtz said: "Winning in racing and cybersecurity requires speed, precision, and innovation. Milliseconds matter. Execution counts. Data wins.

"Technology is reshaping competitive advantage and human capability everywhere, including motorsport. I'm excited to help the team securely accelerate forward."