Mercedes F1 CEO Wolff in talks to sell stake at US$6 billion value: source
He is in advanced talks to offload about 5% of the team to CrowdStrike Holdings CEO George Kurtz
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[LONDON] Mercedes Formula One chief executive officer Toto Wolff is in talks to sell some of his stake in a deal that could value the team at a record US$6 billion, according to a person familiar with the matter.
Wolff is in advanced talks to offload about 5 per cent of the team to CrowdStrike Holdings CEO George Kurtz, a racing fan whose cybersecurity company sponsors Mercedes, the person said, asking not to be identified discussing confidential information. The deal would involve Kurtz joining Wolff’s holding company that owns a third of the team, the person said.
The deal is not yet finalised and could still fall apart, the person added. Sports business site Sportico first reported the deal talks.
A US$6 billion valuation would mark a record for an F1 team, underscoring robust demand to invest in a sport growing in popularity in part through the success of the Netflix series Formula 1: Drive to Survive. A stake sale in September valued the championship-winning McLaren team at more than US$4 billion.
As well as Wolff, British billionaire Jim Ratcliffe’s Ineos conglomerate and German automaker Mercedes-Benz Group each own a third of the team, which is officially known as the Mercedes-AMG Petronas F1 Team.
A Mercedes F1 spokesperson declined to comment on the discussions, but said the governance of the team will be unchanged.
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“All three partners (Mercedes-Benz, Toto and Ineos) are fully committed to the ongoing success of Mercedes-Benz in Formula One,” they said.
Wolff is one of the sport’s most recognisable figures, fuelled by a rivalry with his former Red Bull team counterpart Christian Horner that was prominent in the Netflix show.
Despite a dip in recent years, the 53-year-old led Mercedes when it dominated Formula One with seven-time champion driver Lewis Hamilton. BLOOMBERG
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