The Racing Point F1 will be rebranded as Aston Martin for 2021
Lawrence Stroll agrees £182 million buy-in
10-year deal agreed in which Aston Martin will receive equity
Aston Martin’s current title sponsorship deal with Red Bull to end after current season closes
Stroll, who will take a seat on Aston Martin’s board commented:
“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.
“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.
“On completion of the £500m of fundraising I look forward to working with the Board and management team in Aston Martin Lagonda to review and improve each aspect of the company’s operations and marketing; to continue to invest in the development of new models and technologies and to start to rebalance production to prioritise demand over supply.
“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.”
Aston Martin Lagonda president and Group CEO Andy Palmer said Stroll’s arrival to the company “brings strong and proven expertise in both automotive and luxury brands more widely which we believe will be of significant benefit to Aston Martin Lagonda.”
“I would like to thank Red Bull Racing, who we will continue to sponsor this year, for their partnership and support in us being able to say this today,” he added.