Mercedes buys majority stake in Brawn F1. Team name is Mercedes Grand Prix for 2010.
Mercedes takes over Brawn
By Edd Straw Monday, November 16th 2009, 12:09 GMT
The Mercedes F1 carMercedes-Benz has announced that it has taken over the Brawn Formula 1 team and re-named it Mercedes Grand Prix after buying a 75.1 per cent stake in the squad.
The German car giant will retain its role as McLaren's engine supplier until at least 2015, but will sell its 40 per cent stake in the squad back to the team over the next two years.
"Mercedes will compete in the F1 world championship next year starting with its own factory team," said head of Mercedes cars, Dr Dieter Zetsche.
"This is possible by the agreed acquisition of 75.1 per cent of Brawn GP, 45.1 per cent from Daimler and 30 per cent from our partner Aabar Investments. The rest will be with the current share - Ross Brawn, Nick Fry and other members. The interests of Daimler are aligned therefore it will be a true Mercedes-Benz team.
"Ross Brawn will continue to be the team principal and thereby we are maintaining his strength. Just like the engine team at Mercedes Benz High Performance Engines, the new Mercedes Benz grand prix team will be co-ordinated by Mercedes Benz Motorsport which is as everybody knows headed by Norbert Haug."
Neither driver has yet been announced for the new squad. 2009 Brawn driver Rubens Barrichello has already joined Williams for next season while Jenson Button has yet to decide on his future.
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