Toto Wolff in Advanced Negotiations to Sell Part of his Stake in Mercedes
Sources close to the situation report that Toto Wolff, CEO and team principal of Mercedes in Formula 1, is in advanced talks to sell a portion of his 33% stake in the team. This transaction could value the racing team at approximately 4.6 billion pounds sterling (6 billion dollars). Wolff, who would continue to perform his current roles, would be looking to sell a “mid single-digit stake” of his holding. The Financial Times reports that the sale could be 5% of his total of 33%. Multiple sources with knowledge of the agreement have revealed that negotiations are taking place with George Kurtz, CEO of Crowdstrike. If it materializes, the estimated valuation of the Mercedes entity would exceed the recent acquisition of a stake in the McLaren F1 team, which valued that team at around 3.5 billion pounds sterling.
Currently, the three mentioned entities each hold a 33% stake in the team. Under Wolff’s direction, Mercedes has achieved unprecedented success between 2014 and 2021, winning seven drivers’ championships and eight constructors’. Mercedes holds second place in this year’s team standings and seeks to defend itself against rivals Red Bull and Ferrari in the last three races.A Mercedes spokesperson stated: “We will not comment on this. The team’s governance will remain unchanged, and the three partners [Mercedes-Benz, Toto and INEOS] are fully committed to the continued success of Mercedes-Benz in Formula One.”
