The Mercedes-AMG PETRONAS F1 team has reached a record valuation of $6 billion (£4.6 billion) following a minority share sale by Team Principal Toto Wolff to U.S. technology billionaire George Kurtz.
Kurtz, founder of the cybersecurity firm Crowdstrike, acquired 15% of Wolff’s personal holding, equating to a 5% interest in the team. The deal netted Wolff approximately $300 million (£230 million).
The valuation reflects the immense financial surge in Formula 1, largely driven by global growth and increasing U.S. popularity due to Drive to Survive. The team’s value has increased more than seven-fold since 2020.
Wolff will remain as Team Principal and CEO, and the team’s governance remains unchanged.
Kurtz will join the strategic steering committee to provide input and discussions.
