Mercedes-AMG Petronas F1 CEO and team principal Toto Wolff is bringing in new team ownership, selling a portion of his holdings to CrowdStrike founder and CEO George Kurtz, the executives told CNBC Thursday.
Kurtz’s personal acquisition expands a partnership between the auto racing team and software provider that dates to 2019. It also expands the tech industry’s push into global motorsport. The financial terms of Kurtz’s investment were not disclosed, but a person familiar with the matter told CNBC the deal values the Mercedes team at $6 billion.
“You have all these new fans coming in,” Kurtz said. “The reason why CrowdStrike is involved in Formula One is [because] there is a return… We perfected that, and we want to bring that to the United States, to the tech market, and have other partnerships that can exploit that and make the best of Formula One.”
Mercedes said Thursday that Kurtz acquired a 15% minority interest in Wolff’s controlled ownership entity, which represents one third of the team — making Kurtz’s share 5%. Mercedes-Benz and chemicals giant INEOS each also own one third.
Mercedes’ British driver George Russell races during the first practice session for the Las Vegas Formula One Grand Prix on November 16, 2023, in Las Vegas, Nevada.
Angela Weiss | AFP | Getty Images
Kurtz will become a technology advisor for Mercedes F1, helping broaden the team’s work in data analytics as the sport becomes increasingly tech-driven with more simulation-heavy and AI-led development processes. He’ll join a committee that includes Mercedes-Benz CEO Ola Källenius, INEOS founder Jim Ratcliffe and Wolff. Governance of the team remains unchanged.
The team said Kurtz will also focus on expanding its U.S. and global tech partnerships. CrowdStrike provides AI-powered protection for the team’s infrastructure.
“[I] couldn’t be more excited about something that’s been in the making for a bit, and it really comes off the heels of a long-term partnership that we have at CrowdStrike with Mercedes,” Kurtz said in an interview with CNBC Thursday.
Kurtz is unusual among billionaire investors in that he’s a competitive racer himself. He has won major endurance events, including the 24 Hours of Le Mans race, Petit Le Mans, the Six Hours of the Glen and the Indianapolis 8 Hour, and secured multiple series titles in 2023.
The ownership shuffle comes as Mercedes tries to climb back toward the top of motorsport after falling behind McLaren and Red Bull in recent seasons. The team won eight straight constructors’ titles from 2014 to 2021 but hasn’t won since. A 2026 regulations and engine overhaul has raised expectations for a turnaround.
“We’re the only sport that combines the cutting-edge technology, science and the gladiator in the car and the people’s business,” Wolff said. “Next year, particularly, you know, these challenges that come towards us are huge. We will be having an engine that is 50% electric with 100% sustainable fuel, a car that will generate its downforce while, at the same time, maximum downforce, while at the same time trying to save, you know, some of the electric energy.”
F1’s popularity in America continues to surge, fueled by Netflix’s “Drive to Survive” docuseries, Apple’s blockbuster “F1: The Movie” release, three U.S. races on the calendar and the addition of a Cadillac-sponsored team next year.
Disclosure: CNBC is a sponsor of the McLaren Formula 1 racing team. Sara Eisen is a member of the McLaren Advisory Board.
