Racing Point is to be rebranded as the Aston Martin Formula 1 team from 2021, it has been announced, after a board meeting on Thursday night.
In filings that were lodged with the London Stock Exchange it was revealed that Lawrence Stroll, who led the takeover and rebranding of Vijay Mallya’s Force India team, bought a 16.7 percent stake in the famous British marque for £182 million.
“Aston Martin Lagonda has entered into a legally binding termsheet under which the Racing Point F1 team will become the Aston Martin F1works team with effect from the 2021 season,” read the document. “This agreement is for a 10-year initial term and Aston Martin Lagonda will receive an economic interest in the team.”
Currently acting as title sponsor for the Red Bull Formula One team, Aston Martin will continue that commitment throughout the 2020 season, before the rebranding of the Racing Point team comes into effect on a four-year deal.
Following the @AstonMartin announcement today, the Team can confirm the manufacturers Title Partnership will conclude at the end of the 2020 season.
— Aston Martin Red Bull Racing (@redbullracing) January 31, 2020
“On completion of the £500m of fundraising I look forward to working with the Board and management team in Aston Martin Lagonda to review and improve each aspect of the company’s operations and marketing; to continue to invest in the development of new models and technologies and to start to rebalance production to prioritise demand over supply,” read a statement from Stroll.
“I, and my partners, firmly believe that Aston Martin is one of the great global luxury car brands. I believe that this combination of capital and my experience of both the motor industry and building highly successful global brands will mean that, over time, we fulfil Aston Martin Lagonda’s potential.”
The smart thing with the Racing Point name was that it was always intended for moves like this. An F1 team name change is sticky. But an Aston title deal as with RBR will allow RP to simply become Aston Martin Racing Point, and as the logo will likely look
Aston Martin Racing •
— Will Buxton (@wbuxtonofficial) January 31, 2020
Aston Martin CEO Andy Palmer added that the partnership would bring a number of benefits to both parties involved.
“Mr. Stroll brings strong and proven expertise in both automotive and luxury brands more widely which we believe will be of significant benefit to Aston Martin Lagonda,” said Palmer.
“We have also announced plans to leverage a new motorsport collaboration with Racing Point to enhance the execution of the plan. I would like to thank Red Bull Racing, who we will continue to sponsor this year, for their partnership and support in us being able to say this today.”