Daimler Takes Over Mercedes Formula One Team
The Mercedes-Benz Formula One team has lost its Brawn GP heritage. Daimler AG and its long-standing financial partner Aabar Investment PJS have taken control of the team, by acquiring the remaining 24.9 percent stake that was owned by Ross Brawn and Nick Fry.
Mercedes Formula One’s new owner, Aabar, is the largest shareholder in Daimler AG. The company is a global investment firm owned by Abu Dhabi. The two took majority control of the team back in 2009, when they purchased 75.1 percent of the championship winning Brawn Grand Prix and renamed it.
This new turn of events ups Daimler’s stake in the team from 45.1 percent to 60 percent, while Aabar jumps from 30 to 40 percent.
The company’s CEO, Dieter Zetsche, commented: “This majority stakeholding demonstrates our determination to build a long-term Formula One involvement on an even more successful platform. 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 One program as an important element of our brand history. 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.”
Team principal Ross Brawn said: “This will be a further step in the consolidation and strengthening of our team for the future. Motor racing, particularly Formula One, is a very specialized 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."
Mercedes-Benz is one of just a few “factory teams” in Formula One. Following the departure of Honda, BMW, Renault and Toyota, there are only three of these factory teams left, which include Ferrari.
Currently, Nico Rosberg and seven-time world champion Michael Schumacher drive for the team.
[Daimler AG, Reuters]