Daimler buys full ownership of Mercedes F1 team

The German Auto maker manufacturer Daimler AG acquired full ownership of Mercedes AMG Petronas F1 Team, 40% stake a previously owned by middle east investments company Aabar.

German manufacturer all these years owned 60 per cent stake and remaining stake owned to Aabar Investments after the auction of the team in 2009 Brawn GP (after the acquires team know Mercedes GP).

Moneycontrol reported that, main company Daimler warned last month that it would miss its earnings forecast this year by about 1 billion euros, hit by the slump in the western European car market.

The Mercedes team had an annual budget of around 125 million pounds last year, which was covered by a mixture of sponsorship, commercial revenues and its own cash reserves, rather than requiring big additional spending from Daimler and Aabar.

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