Mercedes boss Toto Wolff has sold his 15 per cent stake in the Formula One team to American billionaire George Krutz.

Wolff, who owns one third of Mercedes, will remain as CEO and team principal, and is in Las Vegas for this weekend's race.

The 53-year-old Austrian is set to earn close to £230million from the sale in a deal which values Mercedes at £4.57billion - a record for an F1 team.

Krutz, the 55-year-old CEO and founder of cybersecurity company Crowdstrike - which currently sponsors Mercedes - becomes a co-owner of the team through his acquisition of Wolff's minority interest making his share five per cent.

Kurtz also joins the team's strategic steering committee alongside Mercedes group chairman Olla Kallenius and Ineos chief Sir Jim Ratcliffe.

Wolff, who oversaw six of

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