Mercedes-Benz to take over Brawn GP
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Mercedes to end its partnership with McLaren
Mercedes-Benz will head up their own Formula One team next season after taking a 75.1% share in Brawn GP, the British-based constructors have confirmed.
The team will become known as Mercedes Grand Prix, with Brawn in control, while the Mercedes-Benz Motorsport vice-president, Norbert Haug, will work with the F1 team and the engine team of Mercedes-Benz High Performance Engines.
As part of the deal, Mercedes's parent company,
Daimler AG, relinquished their 40% stake in McLaren, but will remain their engine suppliers for the next six seasons.
A statement released on Brawn GP's website read: "Mercedes-Benz will enter the Formula One world championship with its own team, beginning with the 2010 season, and
Daimler AG and McLaren Group will change their form of co-operation with effect as of 13 November 2009. This was announced by Daimler AG today.
"Daimler AG together with Aabar Investments PJSC will take over 75.1% of the Brawn GP team, with Daimler taking 45.1% and Aabar 30%. The rest of the 24.9% will remain with the current stakeholders."
Mercedes will continue to supply engines to McLaren from next season until 2015, with the option of a further extension.