Mercedes Team Principal Toto Wolff Sells Stake to Crowdstrike CEO,Denies Imminent Departure
LAS VEGAS – Mercedes-AMG Petronas Formula One Team Principal toto Wolff has sold a portion of his team shares to Crowdstrike CEO George Kurtz,prompting speculation about his future with the team. However, Wolff emphatically denied any plans to step down from his role during an appearance in Las Vegas.
“I have no plan to sell the team or give up my role. I’m in good shape and enjoy my work. As long as I feel like I’m making a contribution - and others see it that way too – there’s no reason to think in that direction,” Wolff stated. He explained the sale was motivated by Kurtz’s potential to help Mercedes “better develop the US market,” adding, “That was the background – but there is nothing else behind it.”
The move comes at a time when formula 1 team valuations are at an all-time high, a growth Wolff attributes to the implementation of the cost cap. “If someone had told us five years ago what ratings the teams have today, no one would have believed it,” he said. “Through the cost cap our business model has fundamentally changed. Rather of outdoing each other without limit, we were able to increase revenue and free cash flow. If you apply the industry-standard multipliers, these valuations result.”
wolff drew parallels to the growth in value of American football teams like the dallas Cowboys, which have seen their valuation increase from three billion to twelve billion dollars in five years due to improved underlying financial performance. He expressed optimism about the continued growth of Formula 1, stating, “If we continue to understand what makes the sport entertaining and put on a good show, there is no reason why the sport shouldn’t continue to grow as it has.” He did not elaborate on what constituted “the right way” to maintain the sport’s trajectory.
