chrism
11-16-2009, 05:59 PM
DUBAI, United Arab Emirates — The Abu Dhabi investment fund with the biggest stake in automaker Daimler says it is teaming with the Mercedes-Benz manufacturer to buy a controlling stake in Formula 1 championship team Brawn GP.
Aabar Investments says the new "Mercedes Grand Prix" racing team will compete in next year's Formula 1 season under the existing leadership of Ross Brawn.
Mercedes maker Daimler will owns 45.1 percent of the team, while Abu Dhabi government-run Aabar will have a 30 percent share. The remaining quarter will stay with the existing owners.
Aabar says the deal is subject to approval by Swiss and European Union regulators.
Aabar Investments says the new "Mercedes Grand Prix" racing team will compete in next year's Formula 1 season under the existing leadership of Ross Brawn.
Mercedes maker Daimler will owns 45.1 percent of the team, while Abu Dhabi government-run Aabar will have a 30 percent share. The remaining quarter will stay with the existing owners.
Aabar says the deal is subject to approval by Swiss and European Union regulators.