Aabar, who is one of the major investors in Daimler, will be increasing its stake on the F1 team to 40 percent (up for 30), with the rest to be owned by Daimler. The sum of money paid to the team's management for their stake was not announced.
“This majority stake holding demonstrates our determination to build a long-term Formula 1 involvement on an even more successful platform,” said Dieter Zetsche, Daimler CEO.
“Our company’s founders invented the automobile 125 years ago and the very first Mercedes was a racing car. These are the reasons why we see our Formula 1 programme as an important element of our brand history.”
The news of Ross Brawn selling his cut comes a few weeks after the team principal was firmly convinced that such an outcome would not be possible. The sale of the stake comes to complete a takeover process which started in 2009, when Mercedes and Aabar bought the Brawn GP team to set up their own works organization in Formula 1.
“The acquisition of a majority stake holding in our Silver Arrows team sends a clear signal that we intend to achieve technical and sporting success on world motorsport’s biggest and most important stage – and to do so in cost-effective conditions,” added Zetsche.
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