Mercedes exit is good for McLaren insists Dennis
Mercedes' decision to buy Formula One champions Brawn and sell their stake in McLaren is good for all those involved, according to McLaren co-owner and former team head Ron Dennis.
"This is a win-win situation, for both McLaren and Daimler," Dennis said in a McLaren statement after the deal was announced on Monday.
"I've often stated that it's my belief that, in order to survive and thrive in 21st-century Formula One, a team must become much more than merely a team," added the former principal who handed over to Martin Whitmarsh this year.
"That being the case, in order to develop and sustain the revenue streams required to compete and win grands prix and world championships, companies that run Formula One teams must broaden the scope of their commercial activities."
Daimler chairman Dieter Zetsche, whose company owns Mercedes, told reporters that the relationship with McLaren had been tested by the Woking company's determination to emulate Ferrari as a maker of road cars.
"That was not the interests of Daimler and Mercedes-Benz," he said.
McLaren built a limited edition sportscar in the 1990s and plan to market a new MP4-12C car, that would compete against the likes of Ferrari and Mercedes, in 2011.
"The next few years will be a very exciting time for McLaren, during which period we intend to become an ever-stronger technological and economic force," said Dennis.
"Formula One will always be a core activity, for sound business reasons as well as for historical sporting reasons."
McLaren said they had agreed a phased buyback of Daimler's 40 percent stake by 2011.
Dennis and Saudi business partner Mansour Ojjeh each own 15 percent of the business with 30 percent held by Bahrain's state holding company Mumtalakat.
McLaren Automotive, headed by Dennis, will be spun out of the main McLaren Group.
Mercedes will continue to supply engines until at least 2015 and possibly longer and the team will continue with their current livery under the name of Vodafone McLaren Mercedes.
Arturo Vidal to Manchester United: Midfielder set to force through move to Louis van Gaal's Red Devils - reports
Manchester United transfer news: Mats Hummels, Daley Blind and Thomas Vermaelen on radar as Louis van Gaal reveals he still wants to sign defender
Liverpool transfer news: Brendan Rodgers plans more Anfield signings this summer
Chelsea transfer news: Jose Mourinho confirms Fernando Torres is staying at Stamford Bridge
Sami Khedira latest: Real Madrid desperate to sell midfielder to Arsenal rather than lose him for free to Bayern Munich next summer
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us