Mercedes to become majority shareholder in Brawn GP

Formula One continues to make the headlines. Mercedes are taking over a majority holding in championship-winning Brawn GP and will be lining up on the 2010 grid under their own name. In a telephone conference today (Monday 16th November), Daimler boss Dieter Zetsche announced that Mercedes will have their own team from the start of the 2010 season. It will contest next year's Formula One championship under the soubriquet of Mercedes Grand Prix. The Stuttgart-based automotive giant are taking a 75.1% share in the team that Ross Brawn rescued in a management buyout in March of this year following Honda's decision to quit the sport. Mercedes will be purchasing 45.1 percent themselves and a further 30 percent indirectly via Daimler shareholder Aabar. At the same time, former F1 partners McLaren will be buying back Mercedes' 40% holding over the next two years but still continue to use them as a supplier of engines.