Formula 1
RACING POINT TO BECOME ASTON MARTIN F1 TEAM FOR 2021
Billionaire Stroll takes major stake in Aston Martin Canadian secures 16.7% stake in British car maker, sparking major revamp of firm’s long-term plans, Racing Point F1 team to be rebranded as Aston Martin
Racing Point to become Aston Martin f1 team for 2021. On Friday morning it was announced that Stroll had bought Stroll has bought a 16.7% stake in the company, for £182 million.
Stroll has been linked with an investment deal with the British car manufacturer for some time.
Investment documents read: “Aston Martin Lagonda has entered into a legally binding termsheet under which the Racing Point F1 team will become the Aston Martin F1works team with effect from the 2021 season.
“This agreement is for a 10-year initial term and Aston Martin Lagonda will receive an economic interest in the team.”
Stroll took over the Force India team midway through the 2018 season, saving the Silverstone-based squad from the administration and renaming it to Racing Point.
“I am very pleased that I, and my partners in the Consortium, have reached agreement with the Board and major shareholders to make this significant long-term investment,” said Stroll.
“Aston Martin Lagonda makes some of the world’s most iconic luxury cars, designed and built by very talented people. Our investment announced today underpins the Company’s financial security and ensures it will be operating from a position of financial strength.
“I, and my partners, firmly believe that Aston Martin is one of the great global luxury car brands. I believe that this combination of capital and my experience of both the motor industry and building highly successful global brands will mean that, over time, we fulfil Aston Martin Lagonda’s potential.”
Red Bull will also end its partnership with Red Bull Racing at the end of the 2020 season, having acted as its title sponsor since 2018.
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RACING POINT TO BECOME ASTON MARTIN F1 TEAM FOR 2021
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