LONDON – The SportPesa Racing Point F1 Team will become Aston Martin’s factory Formula One team beginning in the 2021 season.
The announcement comes after Racing Point majority owner Lawrence Stroll stepped in to help the ailing car manufacturer. Stroll led a group of investors who spent $239 million to acquire 16.7 percent of the company.
In addition, Aston Martin will race an addition $417 million by issuing new shares. Some of those shares will also be purchased by Stroll’s group of investors, further increasing his ownership stake.
As a result Stroll, the father of current Racing Point driver Lance Stroll, will become executive chairman of Aston Martin. As part of the agreement between Stroll’s group and the car manufacturer, the SportPesa Racing Point F1 Team will be rebranded as Aston Martin F1 in 2021.
Aston Martin has been a sponsor of Red Bull Racing since 2016, becoming the team’s title sponsor in 2018. In a statement released by Red Bull Racing, the team said Aston Martin will continue to be a sponsor of the organization through the end of the 2020 season.