Toto Wolff Gives Up Part of His Stake in Mercedes to George Krutz
Mercedes boss Toto Wolff has sold his 15% stake in the Formula One team to American billionaire George Krutz. Wolff, who owns a third of Mercedes, will continue as CEO and team principal, and is in Las Vegas for this weekend’s race. The 53-year-old Austrian will receive around £230 million ($300 million) with the sale, in a deal that values Mercedes at £4.57 billion ($5.97 billion), a record for an F1 team. Krutz, the 55-year-old CEO and founder of the cybersecurity company Crowdstrike, which currently sponsors Mercedes, becomes a co-owner of the team through the acquisition of Wolff’s minority stake, raising his stake to 5%. Krutz also joins the team’s strategic steering committee along with Mercedes group chairman Ola Kallenius and Ineos boss Sir Jim Ratcliffe.
Mercedes won eight consecutive constructors’ world championships between 2014 and 2021. They are currently in second place in the standings, with three rounds remaining to finish the season. George Russell has won two races so far this year.George’s background is unusual in its breadth: he is a racer, a loyal Mercedes-AMG sports ambassador, and an exceptional entrepreneur. He understands both the demands of racing and the realities of building and scaling tech businesses. That combination brings a specific vision that is increasingly relevant to the future of Formula One.
Toto Wolff
Winning in racing and cybersecurity requires speed, precision, and innovation. Milliseconds matter. Execution counts. Data wins. Technology is reshaping competitive advantage and human capability everywhere, including motorsport. I am excited to help the team accelerate safely.
George Krutz
