Racing Point to be rebranded as Aston Martin Formula 1 team in 2021

Racing Point is to become the Aston Martin Formula 1 team from 2021 as part of a new investment deal between the British manufacturer and Lawrence Stroll.Following an Aston Martin board meeting on Thursday night, it was confirmed on Friday morning that a consortium led by Stroll has bought a 16.7% stake in the company for £182 million.In filings detailing the investment that were lodged with the London Stock Exchange on Friday morning, it was made clear that an ‘enhanced’ F1 involvement for Aston Martin was viewed as essential.The documents said that as part of this “Aston Martin Lagonda has entered into a legally binding termsheet under which the Racing Point F1 team will become the Aston Martin F1 works team with effect from the 2021 season”.The text continued: “This agreement is for a 10-year initial term and Aston Martin Lagonda will receive an economic interest in the team.”The agreement will include Aston Martin sponsorship from 2021 that will continue for a period of four years, which can be extended subject to certain conditions.Before the rebranding of Racing Point, Aston Martin will see out its title sponsorship with Red Bull until the end of this season, when that deal will terminate.Red Bull confirmed in a separate statement that it had agreed to release Aston Martin from its F1 exclusivity clause.”We thank Aston Martin for their support over the past four years in which time we have achieved 12 wins, 50 podiums and six pole positions together,” the statement read.”We wish Aston Martin’s employees and shareholders all the best for the future and our focus remains on working together throughout the 2020 season and ending our partnership on a high.”Although the Red Bull and Aston Martin relationship will end in F1, it was also confirmed that a separate deal between the two companies involving the Valkyrie hypercar will continue until the cars are delivered.Racing Point has Sergio Perez under a long-term contract, with Stroll’s son Lance also set to remain at the outfit for the foreseeable future.The team also has a long-term deal in place to run Mercedes customer engines, and there have been suggestions it could forge closer technical ties with the German manufacturer in the future.While Stroll’s investment comes off the back of some tough trading conditions for Aston Martin, the parties involved are optimistic about the deal they have put together.Stroll said: “On completion of the £500m of fundraising I look forward to working with the board and management team in Aston Martin Lagonda to review and improve each aspect of the company’s operations and marketing; to continue to invest in the development of new models and technologies and to start to rebalance production to prioritise demand over supply.”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.”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.”
Source: AutoSport.com