Daimler complete Mercedes buy out

By on Monday, February 28, 2011

The Mercedes GP Formula 1 team is now wholly owned by the car manufacturer's parent company Daimler AG and financial partner Aabar Investments PJS after the pair bought out the remaining stakeholders, which featured several key figures in the team.

Daimler now own 60%, with Aabar owning the remaining 40%.

Dr Dieter Zetsche, CEO of Daimler AG, said "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," he said.

Brawn, who helped save the team in the wake of Honda's departure from F1 at the end of 2008, said: "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."

If you liked this post then share it with your friends on social media websites. You can also follow us on Facebook and Twitter to stay up to date with the latest F1 news.