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The team has an image to maintain.
Who knows it could have been prompted by Mercedes, or another shareholder even. Dr Mallya only own about 40 percent of the team and a certain Mr Sahara owns another huge chunk, and there's another minor party that owns the rest.
Maybe they never wanted to get rid of him all along, but they wanted to avoid the bad publicity. Now that it's been a year, perhaps they see the coast a clear for him. Not to mention he brings his own spending money AND can score points consistently.