Racing Point is set to become the Aston Martin Works team for the 2021 F1 season.
A consortium led by Canadian billionaire and Racing Point owner Lawrence Stroll has agreed to invest approx. $318 million CAD to acquire an initial 16.7% stake in the iconic British marque. The deal was agreed on January 31st.
The stake could eventually rise to 20% upon completion of the Aston Martin's plan. The struggling British manufacturer is aiming to raise approx. $874m CAD in emergency funding. The rest of the funding is expected to come from existing investors.
Stroll is the current owner of the Racing Point F1 team, which will be re-branded to Aston Martin ahead of the 2021 Formula One Championship. Stroll will also become Executive Chairman of Aston Martin, replacing the outgoing Penny Hughes.
His son, Lance, is a driver for Racing Point and will contest the upcoming season with team-mate Sergio Perez.
Aston Martin is 106 years old and famous for being fictional secret agent James Bond’s car of choice. Four of its cars will feature in the latest instalment, No Time to Die, which releases in April this year.
There are currently two beautiful Aston Martin Vantage models available for sale on the Racing Edge Paddock. The company has not featured in a works capacity on the F1 grid in over 60 years. The marque started five races in 1959/60.
The move comes 18 months after Stroll’s consortium took over the Force India F1 team, rebranding it as Racing Point for the start of the 2019 season. Stroll also owns Canadian racetrack Circuit Mont-Tremblant in Quebec.
Red Bull also confirmed its current title sponsorship deal with Aston Martin would finish at the end of 2020.