Formula-1
The head of Mercedes sold 15% of his shares in the Formula 1 team for $300 million
The head of the Mercedes Formula 1 team, Toto Wolff, sold 15% of his shares in the team to American billionaire George Kurtz, the BBC reports.
Wolff, who will receive US$300 million from the deal, will remain team principal and CEO, while Mercedes’ management will remain unchanged.
Kurtz, 55, is the founder of the cybersecurity company Crowdstrike, which sponsors Mercedes.
Kurtz described his role as “nothing more than a seat at the table to make proposals and lead discussions.” The businessman will not be on the core board of directors, but will be on the team’s strategic steering committee.
Source: Sportbox
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