Wolff Affirms Commitment to Mercedes F1 Team After Stake Sale
Toto Wolff, team principal and CEO of Mercedes-AMG Petronas Formula One Team, has reaffirmed his dedication to the organization despite recently selling a 15% stake in the team to CrowdStrike CEO George Kurtz. This transaction allows Kurtz to hold a 5% ownership share, with the total value of the Mercedes F1 team now estimated at approximately $6 billion.
Wolff emphasized that this move does not signal a shift in his involvement with the team. “I have no plan to sell the team or leave my role,” he stated. “As long as I feel I’m contributing and others feel that I’m contributing, there’s no reason to think in that direction.”
The sale is part of a broader strategy to enhance the team’s market presence in the United States. Wolff noted that Kurtz’s background as a racer and tech entrepreneur positions him as an asset in this endeavor. “That was the reason behind it, but nothing else,” he explained.
The increase in the team’s valuation reflects the growing commercial landscape of Formula 1, largely attributed to the introduction of budget constraints through a cost cap. Wolff remarked, “If someone would have told us five years ago what the valuations would be, we would have never believed it.” These changes have shifted the financial dynamics of team competition, reducing the emphasis on excessive spending.
He further pointed out that recent valuations are a testament to the profitability changes within the sport. “Our business case changed fundamentally, rather than outspending each other,” he added. Wolff referenced the Dallas Cowboys’ spike in valuation as illustrative of these market trends, stating, “Today they are $12 billion because of the underlying figures that have changed.”
In closing, Wolff expressed optimism for the future of Formula 1, underscoring the importance of nurturing the sport. “Most important is we need to look after our sport in the right way.”
