Racing Point to be rebranded as Aston Martin in 2021
- Published on 31 Jan 2020 09:43
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- By: Fergal Walsh
Racing Point will be rebranded to the Aston Martin Formula 1 team from 2021 onwards following in a deal involving current team owner Lawrence Stroll.
On Friday morning it was announced that Stroll has bought a 16.7% stake in the company, for £182 million.
Stroll has been linked with an investment deal with the British car manufacturer for some time.
Investment documents read: “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.”
Stroll took over the Force India team midway through the 2018 season, saving the Silverstone-based squad from the administration and renaming it to Racing Point.
"I am very pleased that I, and my partners in the Consortium, have reached agreement with the Board and major shareholders to make this significant long-term investment," said Stroll.
"Aston Martin Lagonda makes some of the world's most iconic luxury cars, designed and built by very talented people. Our investment announced today underpins the Company's financial security and ensures it will be operating from a position of financial strength.
"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."
Red Bull will also end its partnership with Red Bull Racing at the end of the 2020 season, having acted as its title sponsor since 2018.
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."
“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.”
Last year, Sergio Perez signed a multi-year deal to remain at the team for another three seasons, while Lance Stroll, son of Lawrence, is set to stay for the foreseeable future.
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Replies (15)
Login to replyf1fan0101
Posts: 1,804
this is really cool... another big manufacturer in f1 - thank you stroll!
ajpennypacker
Posts: 2,475
So excited about this. Looking forward to more exciting livery
calle.itw
Posts: 8,527
A good deal for them. RP are truly worthy of such a badge IMO. It's also clever, since it'll give RP access to AM's various technical partners. Also makes sense due to Merc' and AM being on good terms, and I expect RP to stick with their PU, maybe even rebadging those AM.
By the by, GPToday, wre two articles on this subject really called for? I get the extra lead to better SEO juice, but you could've mixed the AM RB divorce with this article.
f1dave
Posts: 782
BTW I had a BLT this AM.
calle.itw
Posts: 8,527
GG M8. Abbreviations are amazing, ain't they? ;D
Kean
Posts: 692
”Seeing as the former VP is such a VIP shouldn’t we keep the PC on the QT because if it leaks to the VC he could end up MIA and we’ll all be put out KP” (Robin Williams, Good morning Vietnam)
Kean
Posts: 692
Already looking forward to see that 2021 livery. Racing green is back! ... in a year ...
f1fan0101
Posts: 1,804
I certainly hope so - F1 needs a green car, it's about the only colour we're currently missing!
calle.itw
Posts: 8,527
Agreed, but I will miss the pink panther. :(
Kean
Posts: 692
Maybe BWT will jump ship. If I remember correctly, they demand the pink color if they sponsor a team. I'm thinking BWT Haas, I'd like to see Magnussen in pink overalls.
calle.itw
Posts: 8,527
That'd be a blast! :D But I think BWT is linked with Stroll or Ocon.
Kean
Posts: 692
Let me be the first to say that the following is stupid, but I find myself rooting a bit more for this team in 2021.
calle.itw
Posts: 8,527
Not at all, I feel similarly. RP ain't a favourite, but I do root for them.
mcbhargav
Posts: 1,332
Damn! Sr.Stroll is lot more exciting than the Jr ever was in F1.
Ram Samartha
Posts: 1,172
Stroll as pretty much made his fortune as being considered marketing and branding genius. I think's it a great move, not to mention a good time for AM to break from RBR. It was always pretty much considered an interim partnership while RBR was sorting out their issues with Renault and then once off to Honda, it's not so important or even relevant.