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.
Following a board meeting of Aston Martin on Thursday night, it was confirmed this morning that a consortium led by Stroll has brought 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.
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Photo by: Aston Martin Racing
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