Confirming rumours that had been in the air for several weeks, Mercedes-Benz parent company Daimler AG announced on Monday that together with Aabar Investments, it will be taking over a 75.1% joint stake in this year's championship-winning team, Brawn GP. The transaction is pending the approval of the relevant European authorities.
Daimler CEO Dieter Zetsche and Mercedes-Benz Motorsport boss Norbert Haug also confirmed that starting next season, the team will be renamed Mercedes Grand Prix.
The "new terms and conditions for Formula 1," motivated the German carmaker's decision to invest in and run its own team.
"The 'Resource Restrictions' set by FOTA [Formula One Teams Association] and FIA effectively limit expenditure for the design, construction and running of the racing cars," read a Mercedes-Benz Motorsport statement. "In addition there will be a significantly higher income available for a Formula 1 team generated by the commercial rights of the racing series following the signing of the new Concorde Agreement."
Mercedes currently holds a 40% participation in the McLaren team; that portion will be bought back by McLaren over a period reaching until 2011, at which point the team will become independent. However Mercedes will continue supplying engines to McLaren until 2015 and the cars will retain their silver and red livery until then.
"The partnership between McLaren Mercedes has been in place since 1995 and ended its 15th joint Formula 1 season in 2009. The change to the form of cooperation is taking place by mutual agreement. Mercedes-Benz and McLaren will continue to cooperate with each other," the Mercedes statement explained.
Mercedes will now work on restructuring its F1 programme and look at additional ways to improve the cost reduction plans already in place.
"Due to the new Formula 1 environment, we will face the competition in the future on the most important motor sports stage with our own Silver Arrows works team," said Daimler CEO and Mercedes-Benz boss Dieter Zetsche.
"Our new Silver Arrow Formula 1 team is a great sporting and technical challenge and we will tackle this with sporting spirit and full of enthusiasm."
"It is our target to develop a model for our Formula 1 activities which will initially be run with significantly reduced budgets by Mercedes-Benz and which, in the foreseeable future, will be self-financing," indicated Mercedes-Benz Motorsport chief Norbert Haug.
Daimler AG and its partner Aabar Investments PJSC will control the team (45.1% and 30% respectively), while Ross Brawn and Nick Fry, along with other partners, will hold the remaining 24.9% in Mercedes GP; Brawn will continue as Team Principal and the current management group will remain in place.
However no drivers have yet been confirmed for the 2010 season - Rubens Barrichello has left the team and World Champion Jenson Button is still in talks regarding a contract renewal, with Mercedes GP or McLaren as options.
"Brawn GP has been through an incredible journey over the last 12 months," said Ross Brawn. "From fighting for our survival to forging a strong relationship with Mercedes-Benz High Performance Engines, winning both the constructors' and drivers' World Championships, and now accepting Daimler's and Aabar's offer to buy our team, which will secure its future.
"Both I and my fellow directors at Brawn GP are incredibly proud of our staff, drivers and everyone associated with our team and thank them for their commitment, outstanding teamwork and their focus on achieving results in sometimes difficult circumstances," Brawn continued.
"We are honoured to be representing such a prestigious brand as Mercedes-Benz in Formula One next year and we will be working together to do our best to reward their faith in our team."
Source: F1 : Mercedes take over Brawn GP - MERCEDES - F1-Live.com
Daimler CEO Dieter Zetsche and Mercedes-Benz Motorsport boss Norbert Haug also confirmed that starting next season, the team will be renamed Mercedes Grand Prix.
The "new terms and conditions for Formula 1," motivated the German carmaker's decision to invest in and run its own team.
"The 'Resource Restrictions' set by FOTA [Formula One Teams Association] and FIA effectively limit expenditure for the design, construction and running of the racing cars," read a Mercedes-Benz Motorsport statement. "In addition there will be a significantly higher income available for a Formula 1 team generated by the commercial rights of the racing series following the signing of the new Concorde Agreement."
Mercedes currently holds a 40% participation in the McLaren team; that portion will be bought back by McLaren over a period reaching until 2011, at which point the team will become independent. However Mercedes will continue supplying engines to McLaren until 2015 and the cars will retain their silver and red livery until then.
"The partnership between McLaren Mercedes has been in place since 1995 and ended its 15th joint Formula 1 season in 2009. The change to the form of cooperation is taking place by mutual agreement. Mercedes-Benz and McLaren will continue to cooperate with each other," the Mercedes statement explained.
Mercedes will now work on restructuring its F1 programme and look at additional ways to improve the cost reduction plans already in place.
"Due to the new Formula 1 environment, we will face the competition in the future on the most important motor sports stage with our own Silver Arrows works team," said Daimler CEO and Mercedes-Benz boss Dieter Zetsche.
"Our new Silver Arrow Formula 1 team is a great sporting and technical challenge and we will tackle this with sporting spirit and full of enthusiasm."
"It is our target to develop a model for our Formula 1 activities which will initially be run with significantly reduced budgets by Mercedes-Benz and which, in the foreseeable future, will be self-financing," indicated Mercedes-Benz Motorsport chief Norbert Haug.
Daimler AG and its partner Aabar Investments PJSC will control the team (45.1% and 30% respectively), while Ross Brawn and Nick Fry, along with other partners, will hold the remaining 24.9% in Mercedes GP; Brawn will continue as Team Principal and the current management group will remain in place.
However no drivers have yet been confirmed for the 2010 season - Rubens Barrichello has left the team and World Champion Jenson Button is still in talks regarding a contract renewal, with Mercedes GP or McLaren as options.
"Brawn GP has been through an incredible journey over the last 12 months," said Ross Brawn. "From fighting for our survival to forging a strong relationship with Mercedes-Benz High Performance Engines, winning both the constructors' and drivers' World Championships, and now accepting Daimler's and Aabar's offer to buy our team, which will secure its future.
"Both I and my fellow directors at Brawn GP are incredibly proud of our staff, drivers and everyone associated with our team and thank them for their commitment, outstanding teamwork and their focus on achieving results in sometimes difficult circumstances," Brawn continued.
"We are honoured to be representing such a prestigious brand as Mercedes-Benz in Formula One next year and we will be working together to do our best to reward their faith in our team."
Source: F1 : Mercedes take over Brawn GP - MERCEDES - F1-Live.com