Mercedes gains full ownership of Mercedes F1 race team
Daimler AG’s Mercedes-Benz unit and its partner Aabar Investments PJS, have gained full ownership of the racing team Mercedes GP by buying the remaining 24.9 percent stake held by team principal Ross Brawn, the company said in an e-mailed statement.
The Mercedes Grand Prix racing team will continue to compete under Brawn’s leadership, and cars and engines will continue to be developed and manufactured in England.
”We see our Formula One program as an important element of our brand history. The acquisition of a majority stake holding in our Silver Arrows team sends a clear signal that we intend to achieve technical and sporting success on world motorsport’s biggest and most important stage – and to do so in cost-effective conditions” Daimler CEO Dieter Zetsche said in the statement. Mercedes bought a 75.1 percent stake in the team in November 2009 together with its partner, Abu Dhabi investment company Aabar, which bought a 9.1 percent stake in Daimler in March 2009.
The team emerged from the former Honda team after a management buyout led by former Ferrari technical director Ross Brawn. Honda quit the sport for financial reasons.
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