P1racenews AI automatic summary:
Mercedes F1 boss Toto Wolff has revealed whether he will sell further shares of the team following the sale of five per cent to tech entrepreneur George Kurtz.
Mercedes Formula 1 boss Toto Wolff recently disclosed that he does not plan to sell further shares of the team after selling a 15 per cent stake to George Kurtz for £230 million, which equates to five per cent ownership. This move has significantly boosted the team’s value to an estimated £4.6 billion, showcasing the lucrative nature of F1 team ownership. Despite speculations about Wolff stepping down as a shareholder, he reaffirmed his commitment to the team and his current role. Wolff highlighted that the sale to Kurtz aimed to tap into the US market and leverage his expertise. The increased valuation of Mercedes aligns with the trend seen in other US-owned sports franchises, emphasizing the positive impact of the cost cap on team profitability. Wolff remains optimistic about the future growth of F1 and its potential for further expansion and success.
