( CNN ) -- Mercedes-Benz will head up their own Formula One team next season after the German car manufacturer confirmed they have taken a 75.1 percent share in Brawn GP -- with Ross Brawn remaining as team principal . Mercedes engines powered Brawn 's Jenson Button to the world championship this season -- while the team also claimed the constructors ' championship . Meanwhile , Lewis Hamilton , Button 's predecessor as world champion , was also sitting behind a Mercedes engine in his McLaren . The partnership between McLaren and Mercedes has been in place since 1995 and ended its 15th season together in 2009 . The new team will become known as Mercedes Grand Prix , with Brawn in control , while Mercedes-Benz Motorsport vice-president Norbert Haug will work with the F1 team and the engine team of Mercedes-Benz High Performance Engines . As part of the deal , Mercedes ' parent company Daimler AG relinquished their 40 per cent stake in McLaren , but will remain their engine suppliers for the next six seasons . Daimler AG chief executive Dr. Dieter Zetsche explained in a press release : `` Mercedes-Benz is the most valued and best-known premium automotive brand in the world . `` This brand looks for competition of the utmost quality in all relevant fields in order to continually improve its performance in the face of such new challenges . `` Due to the new Formula One environment , we will face the competition in future on the most important motor sports stage with our own Silver Arrow works team . `` Our new Silver Arrow Formula One team is a great sporting and technical chal-lenge and we will tackle this with sporting spirit and full of enthusiasm . '' The move could have ramifications for the out-of-contract Button , with Mercedes believed to favor an all-German partnership of Nico Rosberg and Nick Hiedfeld . Such a move could see Button link up with Hamilton at McLaren and the 29-year-old was believed to have toured McLaren 's Woking factory last week . Brawn , who has previously baulked at meeting Button 's wage demands , was thrilled with the deal after forming Brawn GP following the withdrawal of Honda from the sport . `` We are honored to be representing such a prestigious brand as Mercedes-Benz in Formula One next year and will be working together to do our best to reward their faith in our team , '' said Brawn on the team 's official Web site . `` Brawn GP has been through an incredible journey over the last 12 months . From fighting for our survival to forging a strong relationship with Mercedes-Benz High Performance Engines , winning both the constructors and drivers world championships , and now accepting Daimler 's offer to buy our team , which will secure its future , '' he added .
Formula will head up their own Formula One team from next season . The all-German car manufacturer take a 75.1 percent share in the Mercedes-Benz team . As part of the deal , Mercedes-Benz relinquish their 40 per cent stake in the McLaren team .