From GMM and McLaren
German car manufacturer Mercedes-Benz announced on Monday that it is taking a controlling stake in Brawn GP, which will race in formula one next year as 'Mercedes Grand Prix'.
In a press conference, the German carmaker's chairman Dieter Zetsche said Mercedes' 40 per cent stake in McLaren will be wound back by the end of a contract in 2011.
He said the decision is to make Mercedes' F1 involvement "more efficient" and to lower costs.
McLaren confirmed that it will continue to be powered by Mercedes-Benz engines at least until 2015 while fielding cars with the usual silver and red livery.
A media statement added that eam McLaren is to buy back Mercedes parent group Daimler's 40 per cent shareholding.
"As a result, the McLaren Group will become a fully independent stand-alone corporate entity," the official statement said.
The agreement covers the next six Formula 1 seasons (2010-15) and also provides mechanisms whereby the partnership may continue beyond 2015.
Brawn's new structure will be 45.1% ownership by Daimler AG, 30% ownership by Daimler shareholder Aabar, an Abu Dhabi government investment vehicle, and the remaining 24.1% staying in the hands of Brawn's existing owners.
Ross Brawn and other senior management of the Brackley based team are staying in place, but Mercedes competition chief Norbert Haug is switching from the McLaren garage.
For the first time since their partnership began in 1995, McLaren will be paying for its Mercedes engines in 2010 and beyond, although the silver in its car livery will be retained for now.
On the driver front, with German Nico Rosberg expected to be confirmed for one Mercedes GP seat, Haug said he hopes an announcement on the full 2010 lineup can be made within the coming days.
New world champion Jenson Button is linked with both Mercedes GP and McLaren.
photo:Brawn GP
German car manufacturer Mercedes-Benz announced on Monday that it is taking a controlling stake in Brawn GP, which will race in formula one next year as 'Mercedes Grand Prix'.
In a press conference, the German carmaker's chairman Dieter Zetsche said Mercedes' 40 per cent stake in McLaren will be wound back by the end of a contract in 2011.
He said the decision is to make Mercedes' F1 involvement "more efficient" and to lower costs.
McLaren confirmed that it will continue to be powered by Mercedes-Benz engines at least until 2015 while fielding cars with the usual silver and red livery.
A media statement added that eam McLaren is to buy back Mercedes parent group Daimler's 40 per cent shareholding.
"As a result, the McLaren Group will become a fully independent stand-alone corporate entity," the official statement said.
The agreement covers the next six Formula 1 seasons (2010-15) and also provides mechanisms whereby the partnership may continue beyond 2015.
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| Mercedes GP issued a photo-shopped image of a 2009 Brawn car featuring an all silver and black livery and the three-pointed star logo. |
Brawn's new structure will be 45.1% ownership by Daimler AG, 30% ownership by Daimler shareholder Aabar, an Abu Dhabi government investment vehicle, and the remaining 24.1% staying in the hands of Brawn's existing owners.
Ross Brawn and other senior management of the Brackley based team are staying in place, but Mercedes competition chief Norbert Haug is switching from the McLaren garage.
For the first time since their partnership began in 1995, McLaren will be paying for its Mercedes engines in 2010 and beyond, although the silver in its car livery will be retained for now.
On the driver front, with German Nico Rosberg expected to be confirmed for one Mercedes GP seat, Haug said he hopes an announcement on the full 2010 lineup can be made within the coming days.
New world champion Jenson Button is linked with both Mercedes GP and McLaren.
photo:Brawn GP