Formula 1's Ross Brawn, Directors Shared $31 Million After 2009 Title
Ross Brawn, who led a management buyout of Honda Motor Co.’s Formula One team when the carmaker quit, shared 20 million pounds ($30.8 million) in dividends after it went on to win the 2009 championships, according to a company filing.
Brawn was among directors to get the payout in March after the team made a 98.5 million-pound profit for 2009, the filing today said. Jenson Button won the drivers’ championship and Brawn Grand Prix took the constructors’ title as sales soared 38 percent to 234.5 million pounds.
The directors were paid a total of 8.4 million euros in salaries in 2009, the filing said.
Daimler AG’s Mercedes and Abu Dhabi fund Aabar Investments PJSC paid about 110 million pounds for the team last November, Aabar Chairman Khadem Abdulla Al-Qubaisi said. Former Brawn director Nick Fry said at the time the sum was “far more modest” and linked to future performance.
The filing today at Companies House in London was by Mercedes-Benz Grand Prix Ltd., which was formerly Brawn GP Ltd.
The Brawn directors loaned 3.5 million euros to the team as it struggled to stay in business in March 2009, the filing said, adding the amount was repaid during the year. The directors have remained with the team, now called Mercedes Grand Prix, which is currently fourth in the 2010 standings.