The Mercedes team is now 100% owned by Daimler AG, parent company of Mercedes, and Aabar Investment PJS, an investment arm of the Abu Dhabi government.
The announcement came today as the two companies secured the final 24.9% of the company from several managers, led by Ross Brawn and Nick Fry.
With the withdrawal of Honda in 2008, the management led a takeover bid which saw them take ownership of the team. They then ran under Brawn GP in 2009, famously taking both titles.
At the end of the season, it was announced that Mercedes had purchased 75.1% of the Brackley-based outfit (45.1% Mercedes, 30% Aabar).
Both companies, Mercedes and Aabar, have now increased their stakes to 60% and 40% respectively.
Daimler CEO Dr. Dieter Zetsche believes the acquisition sends a clear signal concerning the long-term ambitions for the company’s premium brand in the sport.
“This majority stake holding demonstrates our determination to build a long-term Formula One involvement on an even more successful platform,” explained 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 One 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.”
His Excellency 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 One 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.”
Ross Brawn, Team Principal of Mercedes-Benz Grand Prix commented: “Daimler and Aabar’s acquisition of the remaining 24.9% stake in Mercedes-Benz Grand Prix will be a further step in the consolidation and strengthening of our team for the future.”
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