Racing Point to be rebranded as Aston Martin after Stroll deal

Racing Point is to become the Aston Martin Formula 1 team from the start of 2021 as part of a new investment deal between the British car manufacturer and Lawrence Stroll.

Racing Point to be rebranded as Aston Martin after Stroll deal
Listen to this article

Following a board meeting of Aston Martin on Thursday night, it was confirmed this morning that a consortium led by Stroll has bought a 16.7 percent stake in the company for £182 million.

In filings that were lodged with the London Stock Exchange on Friday morning that detailed the investment, it was made clear that an ‘enhanced’ F1 involvement for Aston Martin was viewed as essential.

The documents said that as part of this: “Aston Martin Lagonda has entered into a legally binding termsheet under which the Racing Point F1 team will become the Aston Martin F1works team with effect from the 2021 season. This agreement is for a 10-year initial term and Aston Martin Lagonda will receive an economic interest in the team.”

The agreement will include Aston Martin sponsorship from 2021 and for a period of four years, which can then be extended subject to certain conditions.

Before the rebranding of Racing Point, Aston Martin will see out its title sponsorship with Red Bull until the end of this season before that deal terminates.

Although the Red Bull and Aston Martin relationship will end in F1, it was also confirmed that a separate deal between the two companies involving the Valkyrie hypercar will continue until the cars are delivered.

Racing Point has Sergio Perez under a long term contract to the team, with Lawrence Stroll’s son Lance also set to remain at the outfit for the foreseeable future.

The outfit also has a long term deal in place for Mercedes customer engines, with suggestions it could also forge closer technical ties with the German car manufacturer in the future.

While the Stroll investment comes off the back of some tough trading conditions for Aston Martin, the parties involved are optimistic about the deal they have put together.

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 CEO Andy Palmer said: “Mr. Stroll 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."

He added “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.”

A statement from Red Bull read: "Following the Aston Martin Lagonda announcement earlier today, the Team can confirm that the manufacturer will remain title partner until the end of the 2020 season but this contract will not be extended past the end of the current term. 

"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.

"We thank Aston Martin for their support over the past four years in which time we have achieved 12 wins, 50 podiums and six pole positions together. We wish Aston Martin’s employees and shareholders all the best for the future and our focus remains on working together throughout the 2020 season and ending our partnership on a high."
Aston Martin Racing Aston Martin Vantage AMR logo

Aston Martin Racing Aston Martin Vantage AMR logo

Photo by: Aston Martin Racing

shares
comments
Aston Martin poised for decision over £200m Stroll bid
Previous article

Aston Martin poised for decision over £200m Stroll bid

Next article

Williams announces date for "digital-only" 2020 F1 car launch

Williams announces date for "digital-only" 2020 F1 car launch
Inside AlphaTauri’s Faenza F1 factory Prime

Inside AlphaTauri’s Faenza F1 factory

AlphaTauri’s mission in F1 is to sell clothes and train young drivers rather than win the championship – but you still need a cutting-edge factory to do that. Team boss Franz Tost takes GP Racing’s Oleg Karpov on a guided tour of a facility that’s continuing to grow.

Connecting two of Ferrari's favourite F1 sons: Villeneuve and Leclerc Prime

Connecting two of Ferrari's favourite F1 sons: Villeneuve and Leclerc

Gilles Villeneuve's exploits behind the wheel of a Ferrari made him a legend to the tifosi, even 40 years after his death. The team's current Formula 1 star Charles Leclerc enjoys a similar status, and recently got behind the wheel of a very special car from the French-Canadian’s career.

Formula 1
Jun 24, 2022
How a 30cm metal wire triggered open warfare in the F1 paddock Prime

How a 30cm metal wire triggered open warfare in the F1 paddock

Porpoising has become the key talking point during the 2022 Formula 1 season, as teams battle to come to terms with it. An FIA technical directive ahead of the Canadian Grand Prix and a second stay appearing on the Mercedes cars only served to create a bigger debate and raise tensions further

Formula 1
Jun 23, 2022
Does Max Verstappen have any weaknesses left? Prime

Does Max Verstappen have any weaknesses left?

Having extended his Formula 1 points lead with victory in Canada, Max Verstappen has raised his game further following his 2021 title triumph. Even on the days where Red Bull appears to be second best to Ferrari, Verstappen is getting the most out of the car in each race. So, does he have any weaknesses that his title rivals can exploit?

Formula 1
Jun 22, 2022
How F1's future fuels can shape the automotive sector Prime

How F1's future fuels can shape the automotive sector

In 2026, Formula 1 plans to make the switch to a fully sustainable fuel, as the greater automotive world considers its own alternative propulsion methods. Biogasoline and e-fuels both have merit as 'drop-in' fuels but, equally, both have their shortcomings...

Formula 1
Jun 21, 2022
The breakthrough behind Sainz's best weekend of F1 2022 so far Prime

The breakthrough behind Sainz's best weekend of F1 2022 so far

OPINION: Carlos Sainz came close to winning in Monaco but needed that race’s specific circumstances for his shot at a maiden Formula 1 victory to appear. Last weekend in Canada, he led the line for Ferrari in Charles Leclerc’s absence from the front. And there’s a key reason why Sainz has turned his 2022 form around

Formula 1
Jun 21, 2022
Why “faster” Ferrari couldn’t beat Red Bull in Canadian GP Prime

Why “faster” Ferrari couldn’t beat Red Bull in Canadian GP

On paper the Canadian Grand Prix will go down as Max Verstappen’s latest triumph, fending off late pressure from Carlos Sainz to extend his Formula 1 world championship lead. But as safety car periods, virtual and real, shook up the race Ferrari demonstrated it can take the fight to Red Bull after recent failures.

Formula 1
Jun 20, 2022
Canadian Grand Prix Driver Ratings 2022 Prime

Canadian Grand Prix Driver Ratings 2022

Plenty of high scores but just a single perfect 10 from the first Montreal race in three years, as Max Verstappen fended off late pressure from Carlos Sainz. Here’s Autosport’s assessment on the Formula 1 drivers from the Canadian Grand Prix

Formula 1
Jun 20, 2022