news agency
\nlondon
\nAston Martin shareholders have approved the British luxury carmaker\u2019s return to Formula One as a constructor in 2021, it was confirmed Wednesday in a deal that will see the Racing Point team rebranded.
\nThe announcement came after a consortium led by Canadian billionaire Lawrence Stroll injected \u00a3260 million ($322 million) of new capital into a fundraising effort of \u00a3536 million ($664 million).
\n\u201cOn Monday 30th of March, the shareholders of Aston Martin Lagonda approved a \u00a3536m fundraising, underpinned by an injection of \u00a3260m of new capital from Yew Tree Consortium – a group of investors led by Lawrence Stroll,\u201d Racing Point said in a statement.
\n\u201cAs part of this investment Mr Stroll will become Executive Chairman of Aston Martin and Aston Martin will create its own works F1 racing team.\u201d
\nStroll\u2019s son Lance currently drives for his Racing Point team alongside Mexico\u2019s Sergio Perez.
\nStroll, who bought Racing Point when it was formerly known as Force India in August 2018 when it was on the verge of going bankrupt, has previously made clear his desire to take on the F1 front-runners.
\n\u201cA brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,\u201d Stroll said.
\n\u201cI think it\u2019s the most exciting thing that\u2019s happened in recent memory in Formula One and it\u2019s incredibly exciting for all stakeholders in the sport, especially the fans.\u201d
\nHe added: \u201cAston 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 One.\u201d
\nPlans to rebrand the Racing Point team were announced in January when Stroll led a rescue deal for the struggling luxury carmaker.
\nAston Martin has enjoyed a title partnership agreement with Red Bull Racing over the past four years, an arrangement that will come to an end after the forthcoming season.
\nThe British manufacturer last entered an F1 works team in 1960.
\nAston Martin is cherished by Hollywood actors, global sports stars and British royalty.
\nFictional superspy James Bond\u2019s carmaker of choice had made its debut in 1964 film \u2018Goldfinger\u2019 and more recently featured in 2015\u2019s \u2018Spectre\u2019.
\nThe brand features once more in the latest instalment, \u201cNo Time to Die\u201d, due out this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
news agency london Aston Martin shareholders have approved the British luxury carmaker\u2019s return to Formula One as a constructor in 2021, it was confirmed Wednesday in a deal that will see the Racing Point team rebranded. The announcement came after a consortium led by Canadian billionaire Lawrence Stroll injected \u00a3260 million ($322 million) of new […]<\/p>\n","protected":false},"author":2,"featured_media":115374,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-115364","post","type-post","status-publish","format-standard","has-post-thumbnail","category-sports"],"yoast_head":"\n