Aston Martin’s plans to enter Formula 1 in 2021 are still on track according to the companies incoming Executive Chair, Lawrence Stroll.
Stroll, co-owner of the Racing Point outfit, has taken a 25 per cent stake in the British manufacturer, which has cost the Canadian billionaire and his investors £171 million ($210m), plus a further cash injection of £91m ($111m).
It is however less than the £195m ($239m) he previously agreed to pay for a 16.7 per cent stake prior to the outbreak of the Covid-19 virus, which saw Aston Martin Lagonda’s share price plummet and led to the deal being renegotiated.
On Tuesday Aston Martin Lagonda confirmed completion of the new share sale and Stroll’s investment, which is part of a wider fundraising campaign totalling £536m ($656m).
In a short statement issued by the company, Stroll confirmed plans to enter F1 with Racing Point are still going ahead, despite the current pandemic and F1’s recent decision to push back the 2021 rules to 2022.
“I, and my co-investors in the consortium, continue to believe passionately in the future of Aston Martin Lagonda,” said Stroll.
“This is most clearly demonstrated by our investment of £262m which underpins the financial security of the Company. This is a very significant capital raise of £536m – due to be made by my consortium and other shareholders at a very challenging time.
“This gives the necessary stability to reset the business for its long-term future.
“We have a clear plan to make this happen, including Aston Martin entering an F1 works team next season and I look forward to working with the management team to deliver this programme.”