The 2021 F1 season will witness the Racing Point team being rebranded into Aston Martin. The British car brand agreed to a £500 million equity rescue deal led by the billionaire Lawrence Stroll for at least 10 years. Stroll and a consortium of investors will invest approximately £182 million in Aston Martin to revive the fortunes of the company whose share price and profits have plummeted since October 2018. Take a look at the announcement from F1's official Twitter account.
According to reports, Aston Martin is set to raise a total of £500 million which will include £318 million obtained from a rights issue subscribed by the company's shareholders.It would raise Stroll's stake in the company to 20%. The legendary manufacturer has also agreed to a five-year commercial sponsorship deal with Racing Point. Stroll's consortium will also give £55.5 million in short-term working capital to Aston.
We thank @AstonMartin for their support over the past four years in which time we have achieved 12 wins, 50 podiums and six pole positions together. Our focus remains on working together throughout the 2020 season and ending our partnership on a high. 👊 pic.twitter.com/lIW1ul8jWe— Aston Martin Red Bull Racing (@redbullracing) January 31, 2020
Aston Martin, who were the title sponsors for Red Bull Racing, will end their partnership at the end of the 2020 season. Red Bull Racing has said that it has agreed to release Aston Martin from its Formula One exclusivity clause. Racing Point will pair Lance Stroll with Sergio Perez in their line-up once again this season. They will launch their 2020 car in Austria on February 17.