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Stroll denies aston martin exit

Stroll Dismisses Rumors of Selling Aston Martin F1 Team

19/12/2023

Lawrence Stroll, the owner of Aston Martin Formula 1, has dismissed rumors suggesting that he is considering selling his team, emphatically stating that such speculation is entirely unfounded.

Upon becoming a part-owner of Aston Martin and spearheading an investment team takeover of the car brand in 2020, Canadian billionaire Lawrence Stroll assumed the role of executive chairman. As part of this transition, he rebranded the Racing Point F1 Team as Aston Martin for the 2021 season.

Subsequently, Stroll has made substantial investments in the team, bringing in key personnel and overseeing the development of a state-of-the-art factory facility. This new facility, situated on the team’s existing site in Silverstone, was inaugurated earlier this year.

“I have no idea where that speculation originated,” Stroll remarked to The New York Times regarding the rumors of an exit. “I’ve come across it in one or two publications recently.”

2023 Aston Martin: Overcoming Challenges, Securing Future Success

Aston Martin made a remarkable impact in the 2023 F1 season, exceeding expectations as they emerged as the most formidable contenders against Red Bull. They achieved an impressive run of six podium finishes in eight rounds.

However, following a mid-season downturn in performance and challenges faced by Lawrence’s son Lance, alongside the experienced team-mate Fernando Alonso, rumors began to circulate that Lawrence was considering selling the team.

Nevertheless, he goes on to assert that his actions contradict the rumors.

“You don’t invest hundreds of millions of pounds in constructing the most advanced Formula 1 campus if you’re planning to exit the business, and you don’t bring onboard another 400 top-notch employees if you’re on the verge of leaving the business,” he emphasized.

“I’ve demonstrated through my unwavering commitment, and the reality is that it is as far from the truth as possible that I have any intention of not being the majority shareholder of this team for a very long time, and the same holds true for the road car company,” he affirmed.

In terms of recruitment, Stroll has been acknowledged for drawing in key figures whose contributions have played a pivotal role in transforming Aston Martin from midfield contenders to formidable competitors at the forefront of the grid.

Aston Martin F1: Strategic Leadership Secures Future Success

Under Stroll’s leadership, key figures such as Team Principal Mike Krack, Group Chief Executive Officer Martin Whitmarsh, Technical Director Dan Fallows, and Deputy Technical Director Eric Blandin have all been strategically recruited in recent years, contributing significantly to the team’s transformation into serious contenders.

The establishment of the new factory facility equipped with state-of-the-art systems reflects Aston Martin’s commitment to cutting-edge design processes for its F1 cars. Additionally, Stroll has actively sought investment and formed strategic partnerships for the team.

Notably, Saudi Arabian state-owned oil company Aramco, a partner since 2022, has extended its involvement by becoming the sole title partner in a five-year deal set to commence in 2024.

Stroll further solidified Aston Martin’s future in Formula 1 by successfully negotiating a deal with Honda. From 2026 onwards, Honda will power Aston Martin, designating the Silverstone-based team as Honda’s official works outfit.

In November, Stroll strategically sold a minority stake in Aston Martin’s parent company, AMR Holdings GP Limited, to the American sports-focused private equity group Arctos Partners. This move, valuing the team at around $1 billion, showcases Stroll’s continuous efforts to enhance the financial position and long-term prospects of the Aston Martin Formula 1 team.

Aston Martin F1: Lawrence Stroll Affirms Long-Term Ownership Commitment

This strategic deal effectively quashed speculations surrounding Stroll’s potential departure from his F1 project. The team’s Managing Director, Jeff Slack, stressed that Arctos Partners is unlikely to sell, emphasizing their role as minority stakeholders without taking control of operations.

Stroll further reinforced the team’s stance, stating in his conversation with The New York Times, “We’re not open for any more [investment].” He reiterated his commitment to remain the majority shareholder, affirming that this fundamental aspect of ownership would never change.

“When I say never, one day, but certainly not in the next 10 years, if I could put it in that duration. Hopefully longer. I’m not getting any younger each day. I feel younger, but I’m not getting any younger. But I’m not going anywhere.”

Stroll emphasized his commitment to long-term ownership, aiming to maintain majority control for the next decade and beyond. Despite recognizing the inevitability of change, he playfully emphasized his youthful mindset and affirmed his lack of plans to step away.

Read also : Vasseur Shines: Ferrari’s Year-End Debrief Highlight

Aston Martin’s Lawrence Stroll Optimistic About Arctos Partnership Benefits

Regarding the recent investment deal with Arctos, Stroll spoke highly of the partnership, expressing confidence that their involvement will bring substantial benefits to Aston Martin.

“He explained that taking Arctos as a minority partner made great sense for what they bring to the business. They add value, particularly in America with all their investments in other sports teams. There have to be some financial synergies and commercial opportunities that we could explore together through sponsorship, marketing, etcetera. So, that was the motivation for letting them buy a minority stake. Their great reputation, American base, and alignment with his vision for a very long-term future make them exceptional individuals.

Stroll Dismisses Rumors of Selling Aston Martin F1 Team Stroll Dismisses Rumors of Selling Aston Martin F1 Team Stroll Dismisses Rumors of Selling Aston Martin F1 Team

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