After an Aston Martin Board meeting On Thursday evening, it was confirmed on Friday morning that a Stroll-led consortium had bought a 16.7% stake in the company for £ 182 million.
In submissions Detail of the investment filed on Friday morning on the London Stock Exchange, it was clarified that an “increased” F1 stake was considered essential for Aston Martin.
The documents state that, as part of this, “Aston Martin Lagonda has concluded a legally binding term sheet under which the Racing Point F1 team will become the Aston Martin F1 works team with effect from the 2021 season”.
The text went on: “This agreement has an initial term of 10 years and Aston Martin Lagonda will receive an economic interest in the team.”
The agreement includes Aston Martin sponsorship starting in 2021, which lasts for a period of four years and is renewable under certain conditions.
Prior to the rebranding of Racing Point, Aston Martin will take on its title sponsorship with Red Bull until the end of this season, when that deal ends.
Red Bull confirmed in a separate statement that it had agreed to exempt Aston Martin from its F1 exclusivity clause.
“We thank Aston Martin for their support over the past four years in which we have achieved 12 wins, 50 podiums and six pole positions together,” the statement said.
“We wish Aston Martin employees and shareholders all the best for the future and continue to focus on working together throughout the 2020 season and ending our partnership on a high level.”
Although Red Bull and Aston Martin’s relationship will end in Formula 1, it has also been confirmed that a separate contract between the two companies that own hypercar Valkyrie will continue until the cars are delivered.
Racing Point has Sergio Perez under a long-term contract, and Stroll’s son Lance will also be in the outfit for the foreseeable future.
The team has also signed a long-term contract for the operation of Mercedes customer engines, and there have been proposals to develop closer technical relationships with the German manufacturer in the future.
While Stroll’s investment was due to some difficult trading conditions for Aston Martin, the parties involved are optimistic about the deal they have put together.
Stroll said: “With the £ 500 million fundraiser closed, I look forward to working with the board of directors and management team at Aston Martin Lagonda to review and improve every aspect of the company’s operations and marketing and continue to do so Invest in the development of new models and technologies and begin to rebalance production in order to prioritize 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 in both the automotive industry and building hugely successful global brands will lead us to realizing Aston Martin Lagonda’s potential over time.”
Andy Palmer, Aston Martin CEO, said, “Mr. Stroll brings a strong and proven expertise in both the automotive and luxury brands that we believe will be of significant use to Aston Martin Lagonda.”
“We also announced plans to use a new motorsport collaboration with Racing Point to improve the implementation of the plan.
“I would like to thank Red Bull Racing, whom we will continue to sponsor this year, for their partnership and support so that we can say this today.”
