Mercedes-Benz has announced its takeover of the Brawn GP Formula 1 team. The team will be renamed Mercedes Grand Prix, after the German car manufacturer bought a 75.1 percent stake in the Ross Brawn-led squad. Of this, 45.1 percent is owned by Daimler while 30 percent is owned by Aabar Investments. The remaining 24.9 percent continues to be owned by Ross Brawn, Nick Fry and other members.
The team principal of the new Mercedes Grand Prix team will be Ross Brawn, the force behind the Brawn GP operations, also largely credited with the team's success in 2009.
This announcement follows rumours that 2009 world champion Jenson Button is eyeing a switch to the McLaren team. There has been no statement from either the Mercedes Grand Prix team or the McLaren team about who its new drivers will be.
It is known that Mercedes will remain engine supplier to the McLaren ream until at least 2015, but will sell its stake in the group back to the team over the course of the next two years.