Racing Point owner Lawrence Stroll insists plans to rebrand the team as Aston Martin next year are still on-track despite the disruption caused by the global pandemic.Stroll agreed a deal two months ago to buy into the struggling luxury car manufacturer and rebrand Racing Point under the brand from the 2021 F1 season.
Since then Aston Martin has been forced to suspend production at its Gaydon and St Athan factories and some of its employees are being furloughed to reduce its costs. Nonetheless Stroll said the company’s F1 plans will go ahead.
“I and my co-investors in the consortium continue to believe passionately in the future of Aston Martin Lagonda,” said Stroll in a statement.
“This is most clearly demonstrated by our investment of £262 million which underpins the financial security of the company. This is a very significant capital raise of £536m due to be made by my consortium and other shareholders at a very challenging time. This gives the necessary stability to reset the business for its long-term future.
“We have a clear plan to make this happen, including Aston Martin entering an F1 works team next season and I look forward to working with the management team to deliver this programme.”
Stroll will take over as executive chairman of the board of director at Aston Martin Lagonda on April 20th.
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2020 F1 season
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- F1 revenues fell by $877 million in Covid-struck 2020 season
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