F1: Mercedes buys out remaining Brawn GP stake
The Mercedes GP Formula 1 team is now fully owned by the car manufacturer after buyout
Mercedes GP Formula 1 team is now fully owned by the car-maker after its parent company bought the remaining shares from former Brawn GP team management.
Daimler AG and Aabar purchased the final 24.9 per cent from Ross Brawn and his management partners.
Daimler first acquired a 45.1 per cent stake of what was the Brawn GP team in November 2009 to hold a 75.1 per cent stake overall with Aarbar, with the remaining shares held by Ross Brawn and Nick Fry.
Global investment company Aabar, owned by the Abu Dhabi government through a series of subsidiary companies, is the biggest single shareholder of Daimler with nine per cent.
“This majority stake holding demonstrates our determination to build a long-term Formula 1 involvement on an even more successful platform,” said Daimler CEO Dr Dieter Zetsche.
“Our company’s founders invented the automobile 125 years ago and the very first Mercedes was a racing car. These are the reasons why we see our Formula 1 programme 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.”
Khadem Al Qubaisi, chairman of Aabar Investments PJS, added: “Aabar’s and Daimler’s joint investment in Mercedes-Benz Grand Prix is a further testament to our strong commitment to the sport of Formula 1 and to Aabar’s strategic partnership with Daimler.
“As Abu Dhabi is increasingly placing itself as a recognised host of international sporting events, and particularly in light of the continuing success of the Abu Dhabi Grand Prix, Aabar is proud to be supporting one of the most successful Formula 1 racing teams in the field. Aabar wishes Mercedes-Benz Grand Prix a successful start to the 2011 season.”
Brawn, who remains as team principal of the team, commented: “Daimler and Aabar’s acquisition of the remaining 24.9 per cent stake in Mercedes-Benz Grand Prix will be a further step in the consolidation and strengthening of our team for the future.
“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.”
The acquisition is subject to clearance from the Germany’s competition regulator the Federal Cartel Office.