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Home / Other Sports / Racing Point F1 team renamed Aston Martin from 2021

Racing Point F1 team renamed Aston Martin from 2021

Canadian billionaire Lawrence Stroll, whose son Lance Stroll drives for Racing Point, has agreed to be part of a deal to pump £500 million ($657 million) into the struggling Aston Martin, leading to the rebrand.

other-sports Updated: Jan 31, 2020 14:36 IST
Agence France-Presse
Agence France-Presse
London
SportPesa Racing Point F1 Team driver Lance Stroll.
SportPesa Racing Point F1 Team driver Lance Stroll.(REUTERS)

The Racing Point Formula One team will be rebranded Aston Martin from 2021, James Bond’s favourite carmaker said Friday after securing a large cash injection to get back on track.

Canadian billionaire Lawrence Stroll, whose son Lance Stroll drives for Racing Point, has agreed to be part of a deal to pump £500 million ($657 million) into the struggling Aston Martin, leading to the rebrand.

“The Racing Point F1 team will become the Aston Martin F1 works team with effect from the 2021 season,” Aston Martin said in a statement.

“This agreement is for a 10-year initial term.”

A consortium led by Lawrence Stroll will inject £182 million into Aston Martin, whose cars play a starring role in the 007 spy films.

Aston Martin additionally plans to raise a further £318 million via a rights issue supported by its major shareholders.

“The difficult trading performance in 2019 resulted in severe pressure on liquidity which has left the company with no alternative but to seek substantial additional equity financing,” Aston Martin chair Penny Hughes said in Friday’s statement.

“Without this the balance sheet is not robust enough to support the operations of the group. Notwithstanding recent weak trading, the strength of the Aston Martin brand and our expanding portfolio of cars has allowed us to attract a strong new partner in Mr. Stroll to support the turnaround of the business,” she added.