Daimler now fully owns Mercedes Formula One team
By Berthold Bouman
The German Daimler company now fully owns the Mercedes Formula One team, as the German carmaker has bought the remaining 40 percent stake in the team, previously owned by the Abu Dhabi-based Aabar Investments company.
Aabar recently cut its ties with Daimler and sold their 3 percent stake in the Daimler company, and selling their stake in the Mercedes Formula One team was a logical step, Reuters reported. The sale is still subject to regulatory approval.
Mercedes have recently signed the new Concorde Agreement which means they have committed to Formula One until 2020. At the start of this season there were rumours the Daimler Board of Directors still had to decide about the future of the Mercedes team, as due to the economic recession the German company wasn’t sure they would be able to continue supporting the team.
The Mercedes team is led by Ross Brawn and Mercedes Motorsport Director Norbert Haug. Brawn bought the team from Honda at the end of 2008 when the Japanese carmaker decided to withdraw from the sport due to the economic recession and a chronic lack of results.
Brawn had to fire half of his staff, turned the team in Brawn GP and against all odds became a winning team. Mostly due to the nifty double diffuser, of course a design from the man himself, Brawn GP dominated the 2009 season and won the Constructors’ Championship, and driver Jenson Button won the Drivers’ Championship.
At the end of 2009, Brawn sold the team to Daimler and Aabar, and they recruited Nico Rosberg and seven-times World Champion Michael Schumacher, the latter will retire after the Brazilian Grand Prix next weekend.
Last month Lewis Hamilton signed a three-year contract with the Mercedes team, which was already a sign the Mercedes Formula One team’s future had been secured. Mercedes also supplies engines to the McLaren and Force India Formula One teams.