The Canadian Formula 1 Racing Point team will become Aston Martin starting in the 2021 season, following the purchase of a significant interest in the English manufacturer from a consortium led by the current owner of the team, Lawrence Stroll.
The Stroll group has invested $ 243million to acquire 16.7% of Aston Martin, and the goal will now be to rename the Racing Point team in time for the 2021 season. Stroll became president and executive director of Aston Martin.
This business decision was made 18 months after the consortium led by Stroll took control of the Force India team, which was renamed Racing Point at the dawn of the 2019 season.
“I am confident that this capital, combined with my experience in the global automotive industry and establishing successful global brands, will enable us to realize the potential of Aston Martin over time,” Stroll said.
The official unveiling of the Racing Point car will take place on February 17 in Mondsee, Austria, just two days before the start of winter testing at the Circuit de Catalunya, a suburb of Barcelona. Stroll’s son Lance and Mexican Sergio Perez are the regular drivers for this team.
Following this announcement, the Red Bull team has announced that its partnership with Aston Martin will expire after the 2020 season.
It will be a return to F1 for the English manufacturer after an absence of 60 years. Aston Martin had taken part in five races entered in the 1959-1960 championship. His best results were two sixth places at the British and Portuguese F1 Grand Prix in 1959.
“The past year has been very disappointing and difficult for the company,” Aston Martin President and CEO Andy Palmer said.
“Despite our efforts, difficult conditions and poor results have put pressure on cash, which affects our ability to stick to our original plan.” he added.
Aston Martin, whose arrival on the London Stock Exchange dates back to the end of 2018, is trying to regain momentum after posting a disappointing performance, especially in terms of sales.
On January 7, the group issued a warning about its results, citing in particular the disappointing performance of sales and higher costs which eroded margins. Deliveries to dealers were also down 7% to 5,809 units.
