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Mercedes complete buy-out

Mercedes and its Abu Dhabi based partner Aabar Investment now own 100% of the former Brawn GP team.

The final 29.4% of the team which was still owned by Ross Brawn, Nick Fry, Caroline McGrory, John Marsden and Nigel Kerr; who had previously been involved in the buy out of the former Honda team, have now sold their last remaining stake in the team.

From the sale, Mercedes parent company Daimler has now increased its stake from 45.1% to 60%, with Aabar now owning 40%.

Ross Brawn will remain as Mercedes GP team principal and in a press statement he said: “Motor racing, particularly Formula 1, is a very specialised industry, and we are privileged to have such strong and understanding partners as Daimler and Aabar to support our joint ambitions. I remain fully committed to our team for the long-term, along with the management team and all of our employees. We all look forward to the challenge of making our team successful, and proudly representing Mercedes-Benz and the racing tradition of the Silver Arrows.”

CEO of Daimler AG and Head of Mercedes-Benz Cars Dr Dieter Zetsche, said: “This majority stake holding demonstrates our determination to build a long-term Formula 1 involvement on an even more successful platform.”

The news in the immediate future will see no changes at Mercedes, the company do not plan to increase the teams budget and there will be no changes in personnel.

The former shareholders had not previously planned to be part owners in a Formula One team and had been forced into the position after Honda’s shock decision to pull out of F1 ahead of the 2009 season.

Brawn and his then fellow shareholders bought the team, formed Brawn GP and went on to win both the constructors championship and driver’s championship with Jenson Button.

At the end of the 2009 season Mercedes took over Brawn and this is just the final move in that process.








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The Journalist

Writer: Red5 Mail feedback, articles or suggestions

Date:Tuesday March 1 2011

Time: 11:00AM

 

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