Daimler AG together with Aabar Investments PJSC will take over 75.1 per cent of the Brawn GP team, with Daimler taking 45.1 per cent and Aabar 30 per cent. The rest of the 24.9 per cent will remain with the current stakeholders. With 9.1 per cent, Aabar is the biggest single shareholder of Daimler AG. This transaction is subject to the approval of the EU and the Swiss cartel authorities.

The background to this decision are the new terms and conditions for Formula 1. The “Resource Restrictions” set by FOTA and FIA effectively limit expenditure for the design, construction and running of the racing cars. 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 Grand Prix, the management team of the former Brawn GP team, will continue to work under the leadership of Ross Brawn, who will continue in his well-known role. The Formula 1 team, as well as the engine team of Mercedes-Benz High Performance Engines, will be co-ordinated by Mercedes-Benz Mo-torsport, headed by their Vice-President, Norbert Haug.

Ross Brawn

"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 Daimler 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 commit-ment, 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 rep-resenting 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."

The new Silver Arrow team, Mercedes Grand Prix, will compete in Formula 1 as a works team in its own right. Synergies between the 100 per cent Daimler-owned subsidiary Mercedes-Benz High Performance Engines in Brixworth, UK, and the Mercedes Grand Prix team based about 28 miles from there in Brackley in the UK, will create even greater efficiency.

Norbert Haug

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”, comments Norbert Haug. “Further-more, we naturally want to inspire our faithful spectators and TV viewers world-wide and maximize media coverage for our brand. With Formula 1, Mercedes-Benz can continue to clearly demonstrate its willingness to compete and win on the most important motor sports competition stage in the world.”

Khadem Al Qubaisi

"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 successes will follow in this arena.

“Bearing in mind the recent outstanding success of the Abu Dhabi GP, which brought Formula One to the United Arab Emirates for the first time, it is espe-cially exciting to realise that next year, our own cars will be in the field, with the genius of Ross Brawn, who is still deeply involved with the team, now backed by the unrivalled excellence of Mercedes-Benz across the entire spectrum of automotive technology. It is a fantastic prospect, which makes me both pleased and proud for my country."