Brawn to sell rest of F1 team to Mercedes UPDATE
This rumor is upgraded to 'fact' today. Mercedes has finally confirmed reports it has taken over 100 per cent of the Brackley based F1 team.
We reported earlier in February that Ross Brawn and his business partners had agreed to sell the outstanding 24.9 per cent of the former Brawn GP team to German carmaker Mercedes and its Abu Dhabi shareholder Aabar.
An official spokesman at the time refused to confirm the report, and Brawn said the news was "just speculation".
But it was announced in the form of a media statement on Monday.
"This majority stakeholding demonstrates our determination to build a long-term formula one involvement on an even more successful platform," commented Daimler chairman Dr Dieter Zetsche.
Mercedes parent Daimler now owns 60 per cent, with Aabar holding the remaining 40 per cent stake.
Added Mercedes GP board chairman Dr Thomas Weber: "We now also fulfill Ross' wish of being in a position to focus wholly on the complex technical challenges of formula one and on his role as our team principal."
"The acquisition is conditional on clearance from the German Bundeskartellamt," read the statement, referring to the competition regulator.
02/02/11 (GMM) Mercedes is set to take complete control of the Brackley based F1 team that bears its name. The German carmaker took over the team last year but Ross Brawn and his partners retained 24.9 per cent of the shares, the German magazine Auto Motor und Sport said.
The report said a deal to make Mercedes and Daimler shareholder AABAR the 100 per cent owner will be in place by March's Bahrain season opener.
The Brackley based team began life in the late 90s as British American Racing (BAR), later becoming Honda who pulled out of F1 at the end of the 2008 season.
Auto Motor und Sport said Mercedes intends to keep team boss Brawn on board as an employee.