Racing Point F 1 team to become Aston Martin from 2021 after Stroll buy-in

Racing Point Formula 1 team owner Canadian billionaire Lawrence Stroll has led a consortium of fellow billionaire associates to save Aston Martin and morph the team he bought as Force India into the famous British car brand.

Aston Martin confirmed in an announcement: "The Racing Point F1 team will become the Aston Martin F1 works team with effect from the 2021 season. This agreement is for a 10-year initial term."

The title sponsorship with Red Bull F1 team will continue according to a statement released by the energy drinks company: "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 1 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 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."

A consortium led by Stroll will inject around 200-million euros into Aston Martin and will gain a 20-percent stake in the group and appointed its executive chairman, in place of departing Penny Hughes.

Stroll told the Financial Times, “Aston is a phenomenal brand that has tremendous potential,” and described the ailing carmaker as a “gem that needs love” to return “lustre” to the brand.

He added that his new project would take “one step back before taking five steps forwards” as its sales efforts were refocused on the level of customer demand rather than on sending more cars to dealerships, “We must find the right level of demand. The supply should follow accordingly.”

Hughes, who makes way for Stroll, said company had no choice but to seek out urgent help, "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. 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.

Stroll was adamant that his investment "underpins the company's financial security" and added, "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.

Stroll's son, Lance drives for his Silverstone-based Racing Point team, is certain to remain with the outfit next year when it switches skins to Aston Martin in a reamrkable F1 journey that began in 1991 when Eddide Jordan launched his team into the big time where he remained until in 2006 they became Midland, then Spyker in 2007 and Force India from 2008 until last year.

Aston Martin is a brand steeped in racing history. It began life in 1913 in a small London workshop, Aston transformed into an ultra-luxury brand whose classic car owners include movie stars, billionaires and royalty has had a troubled past and has been declared bankrupt numerous times in their history.

Considering the millions he has poured into the sport, initially to get his son a drive in Formula 1 but now it is clear that this is no pastime for Stroll senior but rather a vocation to really make a mark in automotive history, a dream far beyond being a billionaire or a Formula 1 team owner or collector of exotic cars. This is serious.