Mercedes-Benz has bought a controlling stake in the world-championship winning Brawn GP team, with the outfit to run as a full ‘Silver Arrows’ works squad from next season.
The German car giant, which supplied engines to the Brackley-based squad in 2009, confirmed the long-expected move on Monday morning – announcing parent company Daimler, and Abu Dhabi-based Aabar Investments, had bought 75.1% of the team in a deal which will see it rebranded as Mercedes GP.
Daimler will be the team’s largest shareholder with 45.1% and Aabar – the biggest single stakeholder in Daimler – at 30%, with the remaining equity to remain with Brawn GP’s current shareholders who include team boss Ross Brawn and CEO Nick Fry.
Mercedes also confirmed that it has agreed to continue to supply engines to long-time F1 partner McLaren until 2015, with the possibility that the relationship could extend beyond that period.
The German firm’s parent company will however cease to be a shareholder of the Woking-based outfit by 2011, with the McLaren Group to complete a phased purchase of Daimler’s 40% stake in the team.
McLaren will continue to be known as Vodafone McLaren Mercedes, while its distinctive silver-with-red livery will remain unchanged.
Although the completion of Mercedes’s Brawn deal means team principal Brawn’s name will disappear from the squad's official title after just one glorious season, Mercedes cars president Dr Dieter Zetsche said in a conference call that the Englishman had committed to stay at the team in his current role.
Zetsche said the Brawn tie-up was the best fit for Mercedes's F1 involvement in the reduced era of costs going forward, with the carmaker excited by the prospect of competing with its own team for the first time since 1955.
“Mercedes-Benz is the most valued and best-known premium automotive brand in the world," he said.
"This brand looks for competition of the utmost quality in all relevant fields in order to continually improve its performance in the face of such new challenges.
“Due to the new Formula 1 environment, we will face the competition in future on the most important motor sports stage with our own Silver Arrow works team.
“Our new Silver Arrow Formula 1 team is a great sporting and technical challenge and we will tackle this with sporting spirit and full of enthusiasm.”
No drivers have yet been confirmed for the newly-rebranded squad, but German driver Nico Rosberg is almost certain to be one of them with the young star having already had his departure from Williams confirmed.
World champion Jenson Button had yet to agree a new deal with the team before the Mercedes takeover was announced, with the Briton and the outfit having yet to agree on financial terms.
Increasing speculation in recent days has suggested he could defect to McLaren, having toured the team's Technology Centre last week.
See also:
James Allen on Mercedes's takeover
Brawn delighted to secure team's future
Dennis: New deal a 'win-win situation'