McLaren has revealed that it is to buy back engine partner Mercedes-Benz's 40 per cent stake in the team by 2011 – but despite the impending end of the ultra-successful relationship, the Stuttgart manufacturer will continue to supply engines to the Woking-based outfit for at least the next five years.
In what the multiple world champions have described as 'a re-aligned long-term strategic alliance', a McLaren
statement explains that 'the McLaren
Group will undertake a phased purchase of the 40 per cent shareholding currently owned by Daimler AG...as a result, the McLaren
Group will become a fully independent stand-alone corporate entity'.
The news not only confirms one of the worst-kept secrets in the F1 paddock in recent months, but will also bring down the curtain on a partnership that began back in 1995 – and has yielded over that period three drivers' world titles and one constructors' crown. However, relations had become increasingly strained over the past few years, with the infamous 'Spygate' scandal, Lewis Hamilton's Melbourne 'lies' shame and the poor early-season performance of this year's MP4-24 chassis all understood to have contributed to today's announcement.
Mercedes-Benz will conversely ramp up its relationship with new world champions Brawn GP
by way of a 75 per cent purchase of the ex-Honda F1 concern [see separate story – click here
], but the engine-supply deal with McLaren
will continue until at least 2015 – with the possibility to extend it even further – making it the longest-standing association of its kind in grand prix history, running as long as 21 consecutive years.
'Both the McLaren
Group and Daimler AG were therefore committed to securing its continuation, and to have provided mechanisms whereby the partnership may continue beyond 2015,' added the statement. 'The team will continue to be known as Vodafone McLaren-Mercedes, its distinctive silver-with-red livery will remain unchanged and Mercedes-Benz will continue as both an engine-supplier and a partner.
'The re-affirmation of the two companies' commitment to each other is the result of many weeks of careful and co-operative discussion between the McLaren
Group and Daimler AG – the parent companies of, respectively, McLaren
Racing and Mercedes-Benz – and covers both parties' continued involvement in the Vodafone McLaren-Mercedes Formula 1 partnership as well as a shared intention to act in the overall best interests of the sport of grand prix racing. It also reflects the independent vision of both companies with regard to their automotive production strategies.
Group will continue as the parent company of McLaren
Racing (and Vodafone McLaren-Mercedes), McLaren
Electronic Systems, McLaren
Applied Technologies and McLaren
Electronics Inc (USA), focusing chiefly on Formula 1 and associated technologies, while McLaren
Automotive has been spun out of the McLaren
Group and from 2011 will begin to manufacture its own range of high-performance production sportscars, targeted to penetrate a series of meticulously-selected premium automotive market segments.
Group and McLaren
Automotive will continue to evolve in-line with their respective business strategies, and may in time adopt slightly different shareholder groupings, but they will always share a common goal – to be the best in the world in their respective fields.'
McLaren Automotive executive chairman and McLaren
Group founding shareholder Ron Dennis – team principal of the F1 operation from 1980 until earlier this year, when he stepped down in favour of long-time deputy Martin Whitmarsh – reflected that the new arrangement represents 'a win-win situation' for both parties.