World Champion team Brawn GP's renaming as Mercedes has been officially ratified by the Formula 1 Commission.
Any name changes must receive the unanimous approval of the rest of the teams, and the new title of Mercedes GP was passed in today's commission meeting. The commission also agreed that Mercedes would receive the prize money and travel benefits earned by Brawn GP this year, rather than its change of ownership meaning it would be regarded as a new operation, in which case it would not have received Brawn's earnings.
"The team will continue to receive payments based on its historical performance," said an FIA statement. "This has been granted on a one-off exceptional basis due to Mercedes-Benz's long-term involvement and commitment to Formula 1."
Mercedes GP CEO Nick Fry said earlier today that he never doubted that the commission would agree to the name switch.
"The reaction we've gotten from most of the other teams is positive," he said. "Why anyone would not want to wish the name Mercedes, which I think is one of the top-three brand names in the world, to be on a chassis would be an interesting discussion to have."