Kurtz not positioning to be Wolff successor

Mercedes boss Toto Wolff has sold part of his one-third stake in the team to CrowdStrike founder George Kurtz - in a transaction that confirms a record valuation for the former world champions.

Billionaire Kurtz has acquired 15 percent of Wolff’s 33 percent holding, equating to around 5 percent of the entire team, with Forbes reporting the deal values Mercedes at an unprecedented $6 billion.

BBC estimates the stake cost roughly $300 million.

The team’s three-way governance structure remains unchanged, with Wolff, Mercedes-Benz and INEOS each still holding one third, and leadership "not affected" by the sale.

Kurtz - a long-time Mercedes partner through CrowdStrike - will join the team’s strategic steering committee alongside Wolff, Mercedes chairman Ola Kallenius and INEOS chief Sir Jim Ratcliffe. He will also act as a technology adviser.

Speaking to reporters, the American entrepreneur and amateur racer said the valuation was "in line with the market" and expected it to rise.

"We think there’s a great opportunity to grow the sport, particularly in the US and particularly within the technology space where we can bring more sponsors in," he said.

Kurtz highlighted the surge of female fans and the successes of Drive to Survive and the Brad Pitt F1 film as signs the US market is still underdeveloped.

"It’s a thriving business," he said. "If you have a thriving business with more opportunity - especially in the US - valuations will grow. Can it become like the NBA or NFL? I think so. That’s why I invested."

He stressed that all shareholders were aware of the transaction throughout the process - and made clear he is not positioning himself as Wolff’s successor.

"My focus is on CrowdStrike - that’s my day job," Kurtz said. "Toto is the guy in charge, he’s the leader."

He declined to say whether he may increase his Mercedes stake in future.