Lexus has announced it will buy out F1 owner Marussia’s stake in Formula One team Mercedes in a deal worth $200 million.
The transaction will be done through the purchase of a majority stake in Mercedes in 2020.
The deal will also include the purchase by Lexus of a controlling interest in the Formula One operation.
Mercedes owns a controlling stake in F1 with the likes of Red Bull and Toro Rosso.
Marussia has been one of the most successful teams in the sport with an overall record of 22 wins and nine podium finishes in 24 races.
It has been a long time coming for Marussia as the German team has been struggling for some time, with a long list of problems including a fuel scandal, technical issues and a poor performance at the German Grand Prix in May.
However, the company has finally emerged from its financial difficulties, and has been re-entering the sport.
In 2017 it won the drivers’ title and finished second to Ferrari, although it was beaten by Mercedes in the constructors’ championship.
In the 2017 season, the Mercedes-Benz F1 teams were ranked second in the world, and Mercedes was awarded a world-record six Constructors’ titles.
Marussian drivers have enjoyed a strong partnership with Mercedes, winning more than half the race championships and six drivers’ titles in a row.
Merkel said the agreement was a landmark for the German sport, and the team was excited to be part of it.
“Mercedes is a big part of our DNA.
It has been great working with them in terms of the team and the sport and the people,” said Mercedes F1 Managing Director Toto Wolff.”
Mercedes F1 will remain a team owned by the Mercedes Group for the rest of its existence. “
We will always work with Mercedes on and off the track, as we do with all of our partners.”
Mercedes F1 will remain a team owned by the Mercedes Group for the rest of its existence.
The F1 drivers’ championships, and all other team and individual competitions will be managed by Mercedes’ sister company, the VDA.
“With the announcement today of the purchase, we’re very excited to continue working with Mercedes and the F1 community,” said Ferrari’s Sebastian Vettel.
“It is a great achievement for our team and we look forward to our future together.”
The deal has been approved by the FOM and is subject to regulatory approvals.
Lexus will continue its involvement in the F 1 motorsport operation, with its new-generation Lexus F Sport and the new Lexus FC luxury car.