Brawn Buyout Completed by Mercedes
By Community | March 1, 2011
The Mercedes Formula One racing team is now fully owned by the car manufacturer Mercedes GP, after its parent company bought remaining shares from former Brawn GP team management.
Daimler AG and Aabar acquired the final 24.9 per cent from Ross Brawn, now team principal, who states that the move is positive, after the F1 team was taken over by Mercedes in 2009.
Brawn stated: “It’s a further step in strengthening for the future. I remain fully committed for the long term.”
He added: “Motor racing, particularly F1, 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.”
The new shareholding structure means Daimler AG owns 60 per cent, with Aabar taking control of the remaining 40 per cent.
Dr Dieter Zetsche, the CEO of Daimler AG, said that taking total control of Mercedes GP was a statement of intent about his company’s ambitions of remaining in the sport, stating: “The acquisition of a majority stakeholding 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.”