Racing Point F1 is set to rebrand as Aston Martin Racing for the 2021 season after British automotive marque Aston Martin received significant investment from Canadian billionaire Lawrence Stroll, owner of the Formula 1 motor-racing team.
A Stroll-led consortium has bought a 16.7-per-cent-stake in Aston Martin for £182m (€216m/$239m). The new naming-rights agreement for Racing Point F1 will cover an initial 10-year term and Aston Martin will receive an economic interest in the team. As part of the investment, Stroll also becomes the executive chairman of Aston Martin.
Aston Martin is the current title sponsor of rival F1 outfit Red Bull Racing and it was confirmed by the team today (Friday) that the agreement would not be extended beyond the 2020 season.
A team statement read: “Red Bull Racing has agreed to release Aston Martin from its Formula One exclusivity clause which in turn has allowed it to generate the necessary investment required to re-finance and pursue alternative opportunities within the sport.”
Red Bull Advanced Technologies will continue to work with Aston Martin to deliver the Valkyrie hypercar, with the first cars scheduled for delivery at the end of the year.
Stroll’s investment in Aston Martin comes 18 months after his consortium took control of struggling F1 team Force India, which became Racing Point F1 at the start of the 2019 season. Stroll’s son Lance is a driver for Racing Point alongside Sergio Pérez.
Stroll said: “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 chief executive Andy Palmer said that Stroll would bring “strong and proven expertise” on automotive and luxury brands, adding: “We have also announced plans to leverage a new motorsport collaboration with Racing Point to enhance the execution of the plan. 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.”