The famous Aston Martin name will return to the Formula One grid as a works F1 team for the 2021 season, it has been confirmed.
News of the rebranding from the current BWT Racing Point team was announced back in February. And, following a £536m fundraising by the shareholders of Aston Martin Lagonda and an injection of £260m of new capital from Lawrence Stroll’s Yew Tree Consortium, the return was rubber stamped on Monday.
It means that the team will still continue to operate from its ‘Acronis Mission Control Centre‘ at Silverstone, with Mr Stroll taking on the role of Executive Chairman of Aston Martin.
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— BWT Racing Point F1 Team (@RacingPointF1) April 1, 2020
“The process of investing in this wonderful car brand has required all of my attention and energy for a number of months,” Stroll is quoted on a BWT Racing Point team statement. “There were certainly some sleepless nights. At the same time, it has been one of the most exciting deals in which I’ve ever been involved. Cars are my passion, a huge part of my life, and Aston Martin has always had a special place in my heart.
“To stand here today and announce that the agreement is finalised is a huge privilege and one of the proudest moments of my career. With all the paperwork completed, I can focus my attention on implementing the strategy to make this fantastic brand even more successful in the years ahead.”
Aston Martin’s return to the F1 grid will bring its own pressures, but Stroll is confident that the right structures are in place to bring the success deserving of such a historic racing brand.
“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” added Stroll. “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.”
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— BWT Racing Point F1 Team (@RacingPointF1) March 31, 2020