All the Formula One news

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 sold its stake to Daimler

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s