Lawrence Stroll, owner of F1 constructor Racing Point and father of Lance Stroll, completed the purchase of a 16.7% stake in Aston Martin, as was announced this morning, and one of the consequences was Racing Point will be rebranded into Aston Martin F1 next year.
Andy Palmer Aston Martin director : why formula 1 on 2021. Following the announcement this morning Racing Point will be rebranded, Aston Martin CEO Andy Palmer has explained why the carmaker wants to become a constructor and a works team in Formula 1.
Besides the £182 million involved in the takeover, the consortium led by Stroll also provided a £318 million war chest for Aston Martin to kick-start the partnership.
Palmer, who will remain in charge of Aston Martin but will have Stroll as a chairman now, revealed how the deal went through.
“I’m getting too old for all-nighters, but let’s just say it was a late night!” he told Autocar today following the announcement.
“It has been time-consuming, but as I sit here now the company is better funded than it has ever been in the past, with a good product cadence in plan as per the second-century plan and with a commitment to build our own V6 hybrid in the UK. That is compelling.”
The Aston CEO also explained how Stroll’s ideas and philosophy are similar to his own and how the Canadian backs the company to produce its own engines.
“He was clear that the mid-engined plans had to progress, he has a passion for F1, and F1’s ability to sell cars for you, he can see the value of the hybrid V6 and more. And he loves cars; he’s an investor who wants to engage. There would be nothing worse than a disengaged investor.”
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