Mercedes-Benz has announced a complete takeover of the Formula 1 team bearing its name.
We had reported in early February that team boss Ross Brawn and his business partners had agreed to sell the remaining 24.9% stake in the former Brawn GP outfit to Mercedes-Benz and its Abu Dhabi-based shareholder, Aabar, although at the time all parties had dismissed these rumours as “mere speculation”.
But an official statement from all parties confirmed the announcement, which will effectively ensure that Mercedes-Benz continues to have a long-term involvement in the sport, at a time when many manufacturers have scaled back their commitment to the sport.
Marcedes’ parent company, Daimler, now own a 60% stake in the team, with Aabar – which is itself the single biggest shareholder in Daimler, with a 9% holding – upping its stake to take on the remaining 40% shareholding in the F1 team.
“This majority stakeholding demonstrates our determination to build a long-term Formula 1 involvement on an even more successful platform,” said Daimler chairman Dr Dieter Zetsche.
“We now also fulfil Ross’ wish of being in a position to focus wholly on the complex technical challenges of Formula 1 and on his role as our team principal,” added Mercedes board member Dr Thomas Weber.
The share purchase still requires the final sign-off from the German Bundeskartellamt, the country’s competition regulator.
[Original image via LAT]