McLaren's Formula One team and Mercedes-Benz have agreed to stick together for the next six seasons of F1, guaranteeing Merc engines for the British-based team until 2015. However, 2010 will also see Mercedes-Benz enter its own team in the Formula One World Championship.

Daimler, Mercedes' parent company, will take a 75 percent stake in the Brawn GP team and the new outfit will be called Silver Arrow. This reflects Mercedes' previous motorsport ventures in the 1930s and 1950s and the new team is formed on the 75th anniversary of Mercedes first Silver Arrows racer taking to the track.

Mercedes-Benz will continue to supply engines to McLaren and act as a partner, but McLaren will buy back the 40 percent stake Mercedes currently holds. By the end of 2011, McLaren will once again be wholly independent and the McLaren Automotive division will operate as a separate company to produce the new MP4-12C supercar.

Ross Brawn, who will head up the new Silver Arrow team, said: "We've been through an incredible journey in the past 12 months and we are honoured to be representing such a prestigious brand as Mercedes-Benz in Formula One next year and will be working to do our best to reward their faith in us."

Ron Dennis of McLaren said: "This is a win-win situation for both McLaren and Daimler (parent company of Mercedes). We're delighted that Mercedes-Benz has committed to continue not only as an engine supplier but also as a partner of ours until 2015."

Dennis also hinted strongly that the deal could easily extend beyond 2015 and that the two firms could also look to other projects outside of Formula One. He said: "Formula One will always be a core activity, but F1 teams must broaden their scope of activities and be much more than merely a racing team."