Daimler takes full control of Mercedes Formula One Motor Racing Team
After purchasing a 40% stake owned by Aabar Investments, an Abu Dhabi sovereign wealth fund, for an undisclosed amount, Daimler now has total ownership of…
After purchasing a 40% stake owned by Aabar Investments, an Abu Dhabi sovereign wealth fund, for an undisclosed amount, Daimler now has total ownership of the Mercedes Formula One Motor Racing Team. Aabar had been cutting ties with Daimler and last month sold off its remaining stake in the company. Daimler and Aabar entered motor racing at the end of 2009 when they purchased Brawn GP, relaunching it the following season as Mercedes.
For Mercedes, possessing and being involved in Formula One is a boost not only due to its global TV coverage but also for the fact that they can use its drivers to promote sales of their road cars.
Mercedes is currently 5th in the 12 team F1 standings and still have one race to go this season. Mercedes AMG F1 Team whose current driver lineup includes 7 time world champion Michael Schumacher (who is on the verge of retirement) and Nico Rosberg has failed to come close to performance of when the team was known as Brawn GP. They now look forward to perform better in the coming season specially since Lewis Hamilton will be at the helm with a new 3 year contract worth $71.3 million.