George Kurtz, one of Arizona's richest residents and the driving force behind the $1 billion redevelopment of the former CrackerJax site in Scottsdale, has bought a slice of the prestigious Mercedes Formula One racing team.
Multiple media outlets reported on the deal that was announced on Thursday by Kurtz and Mercedes F1 CEO Toto Wolff, the Austrian businessman who is selling 15% of his interest in the Mercedes AMG Petronas F1 team to the tech CEO.
Prior to making the deal with Kurtz – who now has a 5% stake in the racing team – Wolff had owned one-third of the Mercedes team, along with the two other principal owners, Mercedes-Benz and Jim Ratcliffe, the founder of petrochemical giant Ineos.
