P1racenews AI automatic summary:
Toto Wolff completes Mercedes sale as F1 team valued at £4.6billion
Mercedes F1 boss Toto Wolff has sold 15% of his shareholding in the team for a reported £230 million to American billionaire George Kurtz.
Wolff remains in his roles as team principal and CEO, while Kurtz, founder of Mercedes partner CrowdStrike, has joined the Mercedes ownership group as a technology advisor.
The sale of the stake has led to a new valuation of Mercedes F1 at a record-breaking £4.6 billion, positioning them as the richest team in Formula 1.
Kurtz’s investment signifies his belief in F1’s growth potential, with the sport seen as a thriving business at an inflection point.
Wolff praised Kurtz’s expertise as being valuable for the future of Formula 1, highlighting his unique combination of racing experience and entrepreneurial success.
