Aabar, Daimler join hands to take over Brawn GP

Abu Dhabi: Abu Dhabi's Aabar Investments and car manufacturer Daimler are to buy a majority stake in Formula 1's Brawn GP.

The deal will see the team become Mercedes Grand Prix, and Mercedes eventually ending it’s long association with the McLaren team.

Brawn GP, which took over from Honda when they pulled out from Formula One, won both the constructors and the drivers world championship in it's first season.

The Abu Dhabi based investment company, which is listed on the Abu Dhabi Securities Exchange, will take a 30 per cent stake in Brawn GP while Daimler – in which took a 9.1 per cent stake in March - will buy 45.1 per cent.

In July it also bought a 32 per cent stake in Virgin Galactic, British entrepreneur Richard Branson's commercial space flight venture.

However, it looks as if the move will see World Champion Jenson Button moving to McClaren to partner Lewis Hamilton next season.

Reports claim that the new Mercedes GP team will line up with Nico Rosberg and Nick Heidfeld.

The McLaren Group will be given two years to buy back Mercedes's 40% shareholding but they will continue to be main engine suppliers until 2015.

The team will also continue to be called McLaren Mercedes.

A statement released by the company said the management team will remain the same, with Ross Brawn remaining in charge.

Khadem Al Qubaisi, Chairman of Aabar Investment said:  "Aabar is delighted to join forces with Daimler AG and its world leading brand Mercedes-Benz in order to create a new Formula One Team which follows in the footsteps of the longstanding and successful tradition of the famous ‘Silver Arrows’."

“Ever since Aabar became the largest shareholder in Daimler AG, the cooperation between our two organisations has been exemplary, and we have already co-invested in Tesla. Aabar is confident that further success in this arena will follow.”

Team Principal Ross Brawn added: "Brawn GP has been through an incredible journey over the last 12 months. 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 Aabar and Daimler'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.

"The senior management group will remain in place to lead our team and on behalf of everyone at Brawn GP, we are honoured to be representing such a prestigious brand as Mercedes-Benz in Formula One next year and will be working together to do our best to reward their faith in our team."