Jan.31 (GMM) Racing Point will become the works Aston Martin team in Formula 1 from 2021.
The British luxury carmaker, which has struggled financially in 2019, has agreed an initial $237 million buy-out deal with Racing Point owner and billionaire Lawrence Stroll and a consortium.
Aston Martin confirmed that Racing Point will be renamed Aston Martin for 2021 and beyond, with Stroll – whose son Lance drives for the team – joining the carmaker’s board.
“Today’s fundraising is necessary and provides a platform to support the long-term future of the company,” said Aston Martin CEO Andy Palmer.
It is believed Aston Martin will stop being Red Bull’s title sponsor after this season.
“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,” Palmer added.