Racing Point are set to rebrand as the Aston Martin works team for the 2021 Formula 1 season, following a significant investment into the iconic British automobile brand by a consortium led by Racing Point’s current owner, Lawrence Stroll.
The £182 million investment from Stroll’s consortium sees them take a 16.7% stake in Aston Martin in a 10-year initial term agreement, with Aston Martin Lagonda receiving an economic interest in the team. Stroll will also become Aston Martin’s Executive Chairman.
Aston Martin will be the title and naming sponsor of the team, which is expected to be renamed as Aston Martin Racing •, for the first five years of the deal with a 5-year extension subject to satisfying certain conditions at the time.
Long-term partner with the winged car brand Hackett London was presented as a sponsor of Racing Point at the team’s launch in 2019, a deal that would soon foreshadow the brands’ crossover.
The move comes 18 months after Stroll’s consortium took control of the struggling Force India squad, with the team eventually becoming Racing Point at the start of the 2019 season. Racing Point, whose driver line-up includes Stroll’s 21-year-old son Lance alongside Sergio Perez, are set to launch their 2020 campaign on February 17 in Mondsee, Austria, at the headquarters of principal partner BWT.
Current Aston Martin partners Red Bull Racing have confirmed that their title sponsorship with the British automobile brand is ending at the end of 2020, however, the partnership’s Adrian Newey-designed Aston Martin Valkyrie hypercar project will still continue until its completion.
The move will see the Aston Martin name return to Formula 1 in a works capacity for the first time in 60 years, with Aston Martin having started five championship races in 1959-1960, with their best results a pair of sixth places at the 1959 British and Portuguese Grands Prix.
Source: Formula 1