The rebranding of Formula 1 team Racing Point is complete after Aston Martin shareholders approved its return to the motorsport as a constructor in the 2021 season. The confirmation regarding the same was given by the Racing Point team in a statement on Wednesday after the British car brand has earlier agreed to a £500 million ($618.4 million) equity rescue deal led by the billionaire Lawrence Stroll for at least 10 years. Stroll's son Lance currently drives for his Racing Point team alongside Sergio Perez.
"With the Aston name comes more pressure and expectation..."— Formula 1 (@F1) April 1, 2020
Racing Point will become Aston Martin F1 in 2021
And new Executive Chairman Lawrence Stroll has already laid down a challenge to staff ahead of the transition 👀 ⬇️#F1 https://t.co/YIlvuPDK27
Aston Martin, who were the title sponsors for Red Bull Racing, ended their partnership at the end of the 2020 season. The latest statement from Racing Point said that on Monday, March 30, the shareholders of Aston Martin Lagonda approved of a £500 million ($618.4 million) fundraising, underpinned by an injection of £260 million ($321.5 million) of new capital from Yew Tree Consortium - a group of investors led by Lawrence Stroll. The statement said that Lawrence Stroll will become Executive Chairman of Aston Martin with this takeover.
Following the @AstonMartin announcement today, the Team can confirm the manufacturers Title Partnership will conclude at the end of the 2020 season.— Aston Martin Red Bull Racing (@redbullracing) January 31, 2020
Lawrence Stroll, who bought Force India in August 2018, renamed the team as Racing Point when the team was on the verge of going bankrupt. Speaking about the Aston Martin Formula 1 team, Stroll said that Aston Martin is a brand with the pedigree and needs to be competing at the highest level of motorsport. He added that Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but they now have an opportunity to create an Aston Martin Formula 1 team again.
The F1 news about the season being postponed came after the Australian GP was cancelled. In the current season so far, the first eight F1 races have either postponed or cancelled. The list of the races which has been affected by coronavirus so far is Australian Grand Prix (cancelled), the Bahrain Grand Prix (postponed), the Vietnam Grand Prix (postponed), the Chinese Grand Prix (postponed), the Dutch Grand Prix (postponed), the Spanish Grand Prix (postponed), the Monaco Grand Prix (cancelled) and the Azerbaijan Grand Prix (postponed).