Daimler Purchased full control of Mercedes One Motor Racing Team

Sports Current Affairs November 2012. Daimler, the German Luxury Carmaker purchased 40 percent stakes of the Mercedes Formula One Motor Racing Team owned by the Abu Dhabi sovereign wealth fund Aabar Investments in the third week of November 2012. With this purchase the teams’ full control went into the hands of Daimler. The amount of purchase of the 40 percent stake remained undisclosed.

The deal of selling out the stakes of the formula 1 team now awaits regulatory approval.  

The Two companies Daimler and Aabar came together into motor racing in 2009 after they purchased Brawn GP, the then World Champion and re-launched it the next season with the name, Mercedes. At present Mercedes stands at fifth position in the 12-team Formula One Standings. Team Mercedes has signed a three-year deal with the former world champion Lewis Hamilton, who would be driving for the team in the next season.