According to an e-mailed statement, Daimler AG’s Mercedes-Benz unit and its Abu Dhabi-based partner, Aabar Investments PJS, now have full ownership of the Mercedes GP racing team by acquiring team principal Ross Brawn’s remaining 24.9 percent stake.
The Mercedes Grand Prix racing team will still compete under Brawn's leadership, and cars and engines will still be developed and made in England.
The team emerged from the former Honda team - which quit the sport for financial reasons - after a Brawn-led management buyout.
Brawn is also a former Ferrari technical director. Daimler CEO Dieter Zetsche said the company considers the Formula One program to be essential to the brand’s history.
He added that acquiring a majority stake holding in the carmaker’s Silver Arrows team indicates that it seeks to achieve technical and sporting success on world motorsport's most important and biggest stage – and to achieve success in “cost-effective conditions.”
In November 2009, Mercedes acquired a 75.1 percent stake in the team with Aabar, which, since March 2009, has held a 9.1 percent stake in Daimler. [via autonews - sub. required]