Daimler completes team takeover

In a move that had been widely expected ever since Mercedes-Benz took over the then Brawn GP outfit, Daimler and Aabar have purchased the remaining 24.9 per cent of the outfit that was owned by team management including Ross Brawn and Nick Fry.

The new shareholding structure of the team has resulted in Daimler owning 60 per cent, with Aabar owning the remaining 40 per cent.

Dr Dieter Zetsche, CEO of Daimler AG, said the move to take over Mercedes GP fully was a statement of intent about his company's ambitions of remaining in F1.

"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."