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Aston Martin's return to Formula 1 in 2021 has officially been confirmed following approval of a £260 million investment from Racing Point team owner Lawrence Stroll as part of a £536m total fundraising for the company.
In recent years, Aston Martin has been present on the F1 grid as Red Bull Racing's title sponsor.
However, next year it will be its own team and will continue to operate from Silverstone as it takes over from Racing Point.
MORE: Szafnauer: Stroll targeting 'top team' position for Aston Martin
The new team arrival comes despite the ongoing concerns and uncertainty of the F1 schedule due to the coronavirus pandemic.
“The process of investing in this wonderful car brand has required all of my attention and energy for a number of months, said Stroll.
“There were certainly some sleepless nights. At the same time, it has been one of the most exciting deals in which I’ve ever been involved.
“Cars are my passion, a huge part of my life, and Aston Martin has always had a special place in my heart. To stand here today and announce that the agreement is finalised is a huge privilege and one of the proudest moments of my career.
“With all the paperwork completed, I can focus my attention on implementing the strategy to make this fantastic brand even more successful in the years ahead.”
Stroll affirmed that the facilities at Silverstone would continue to be invested in as he aims to move upwards on the F1 ladder.
“The group of men and women at Silverstone are true racers and their determination and spirit is one of the main reasons I invested in the Formula 1 team,” he said.
“After 30 years, they deserve this opportunity to represent this legendary brand. We are continuing to invest in the team to give everybody the resources required and we will see the benefit of those efforts this year as Racing Point.
“With the Aston name comes more pressure and expectation. We will need to be competitive from the outset. But I have no doubt the team at Silverstone will rise to the challenge and do the Aston Martin name proud.”
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Login to replyPistonhead
Posts: 556
The share price for AML has plummeted today, loaded at 19.00GBP per share and today touched 1.00GBP per share. Times are touch and it needs a multi billionaire to ride this one out. Bravo Stroll.