P1racenews AI automatic summary:
Toto Wolff explains record £4.6bn Mercedes F1 valuation after ownership shake-up
Toto Wolff stated that Mercedes is one of the top five most-profitable sports teams globally after selling a portion of his F1 team shares to George Kurtz, the CEO of Crowdstrike.
The deal valued Mercedes at a record £4.6 billion, surpassing McLaren’s £3.5 billion valuation earlier this year.
Wolff will remain as team principal and CEO of the Mercedes F1 team, emphasizing the team’s sustainability and profitability.
George Kurtz, now a part of Mercedes’ ownership group, has been appointed as the team’s technology advisor, highlighting F1’s growth potential.
Both Wolff and Kurtz expressed enthusiasm for the growth and future of Formula 1, emphasizing the sport’s thriving business and technological advancements.
