Mercedes boss Toto Wolff is said to be in talks over the sale of a part of his 33 per cent share in the Formula One team, with a mega-money deal believed to be ‘advanced’
Toto Wolff is expected to maintain his position of power at Mercedes, even if he successfully sells a portion of his stake in the Formula One team, it has been claimed. The Austrian took over as team principal and chief executive in January 2013, stepping into the shoes of Norbert Haug.
Since taking charge, he’s steered Mercedes to become one of the dominant forces in a new era of motorsport. As initially reported by Sportico and later confirmed by The Times, Wolff is currently in talks to sell part of his 33 per cent share.
He originally bought a 30 per cent stake in the motorsport team, before snapping up an additional 3 per cent in December 2020. The remaining 66 per cent is divided between Ineos and Mercedes-Benz.
The report suggests that the potential buyer, George Kurtz, would buy about 5 per cent, which values the team at a record-breaking £4.6billion ($6bn). It’s understood that negotiations with the CrowdStrike chief executive are ‘advanced’.
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The Times have highlighted that Kurtz would be part of the holding company that owns Wolff’s share, meaning voting power would remain unaffected. Wolff is expected to continue as both team principal and chief executive officer of Mercedes, suggesting the deal is purely financial.
A statement from Mercedes read: “We will be making no comment on this. The governance of the team will remain unchanged, and all three partners [Mercedes-Benz, Toto and Ineos] are fully committed to the ongoing success of Mercedes-Benz in Formula 1.”
Mercedes have been the dominant force in Formula One for several years, leading to a massive valuation despite recent hiccups. They currently sit second in the constructors’ championship, while their partner team, McLaren, have already clinched the title.
Liberty Media, the American company, has also played a significant role in the overall growth of Formula One, transforming the fan demographic and making it one of the most popular sports among women.
The release of the F1 film certainly boosted its popularity, raking in over £458million at the global box office, not to mention the wildly successful ‘Drive to Survive’ series on Netflix.
Earlier this year, Stefano Domenicali, the president and CEO of Formula One, spoke to The New York Times about the sport’s rapid ascent to mainstream entertainment.
He said: “F1 racing is technology, but it has evolved into a world of entertainment, capturing new fans, new partners, new content, with the reward being massive in terms of revenues and growth, which have been tremendously strong in the last five years.
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“Our younger audience is growing. We believe we are capturing fans who will become avid for the longer term.
“The health and attractiveness of our sport can also be witnessed by the fact we have never had so many partnerships. This, for me, is a sign that we are doing the right thing to be even stronger in the future.”
Andrea Stella, the McLaren team principal, has praised Domenicali for his contribution to the sport’s expansion. At a news conference in August, he stated: “The success of the Formula 1 business at the moment should not be taken for granted. Not all sports are having this kind of success across the board.”