Aston Martin is set to receive major investment from the Saudi Arabian sovereign wealth fund, who will become one of the company’s largest shareholder.
The British sportscar manufacturer, which has Lawrence Stroll as its chairman, has endured a period of financial difficulty.
But the company will now have a boost from the Saudi Arabian Public Investment Fund (PIF).
PIF is the owner of Aramco, one of the biggest petroleum and gas companies in the world and the title sponsor of the Aston Martin F1 team.
Last year, PIF became a major investor in the McLaren Group, and is well-known for its controversial ownership of the Newcastle United football club.
Sky News reports that Aston Martin is looking to raise £653 million under the plan, with additional funding being provided by existing shareholders.
Stroll’s Yew Tree Consortium would leave its stake at 18.7%, while Mercedes-Benz’s stake would also be reduced from 11.7% to 9.7%. PIF would become the second largest shareholder with a 16.7% stake.
“Today’s announcement marks the latest success in the evolution of Aston Martin, the restoration of the business and balance sheet we inherited, and the acceleration of our long-term growth potential,” said Lawrence Stroll.
Saudi Arabia’s presence in Formula 1 has grown in recent years with Aramco also forming a major sponsorship deal with the sport.
Last year, the first-ever Saudi Arabian Grand Prix took place, staging the penultimate round of the 2021 campaign. It was won by Lewis Hamilton, before Max Verstappen took victory at the Jeddah event earlier this year.
If the Saudis wish to invest in developing my ability to eat biscuits and watch box sets, I’m open to offers.