Aston Martin F1 plans going ahead despite financial concerns
Aston Martin’s rebrand of the Racing Point Formula 1 team will go ahead as planned in 2021, despite continued uncertainty and concerns over the car company’s financial situation.
A consortium led by Canadian business and Racing Point owner Lawrence Stroll bought a stake in Aston Martin in January, which will see the British luxury sportscar manufacturer return to F1 as a fully fledged works outfit.
Aston Martin’s rebrand of the Racing Point Formula 1 team will go ahead as planned in 2021, despite continued uncertainty and concerns over the car company’s financial situation.
A consortium led by Canadian business and Racing Point owner Lawrence Stroll bought a stake in Aston Martin in January, which will see the British luxury sportscar manufacturer return to F1 as a fully fledged works outfit.
The firm has been struggling financially recently and has been hit hard by the impact of the ongoing coronavirus pandemic, but it was hoped Stroll’s investment would help alleviate those fears.
On Monday, the shareholders of Aston Martin Lagonda approved a £536million fundraising, underpinned by an injection of £260m of new capital from Yew Tree Consortium – the group of investors led by Stroll, who will now become executive chairman of Aston Martin.
A statement was then released by Racing Point on Wednesday confirming that the Aston Martin collaboration for 2021 will take place as expected.
Stroll said he believes the alliance marks the “most exciting thing that’s happened in recent memory in F1”.
“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” he explained.
“I think it’s the most exciting thing that’s happened in recent memory in Formula 1 and it’s incredibly exciting for all stakeholders in the sport, especially the fans.
“I can’t think of a better name for a Formula 1 team. Our investment strategy places Formula 1 as a central pillar of the global marketing strategy, and it makes perfect sense to rebrand Racing Point for this purpose.
“Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula 1.
“The global spotlight of Formula 1 is second to none and we will leverage this reach to showcase the Aston Martin brand in our key markets.”
The Aston Martin team will continue to operate from Racing Point’s current base in Silverstone, though it has plans to expand the facility in the coming years.
Stroll also played down concerns amid uncertainty caused by the COVID-19 crisis - which has delayed the start of the 2020 F1 season - adding it is just a "temporary pause in the journey".
“I don’t think there is any area of life or business that hasn’t been touched by this devastating pandemic and the racing community is certainly adapting as best it can," Stroll said.
"Of course, as racers, we are all very frustrated not to be competing, but we all understand the bigger picture in this global fight and so we stay at home. The team is also supporting Project Pitlane to help accelerate the production of ventilators.
"In the meantime, we can rely on video conferences to keep our plans for 2020 and 2021 moving forward. I am committed to Formula 1 with a long-term vision and this is just a temporary pause in the journey.”