From 2021 onwards, the SportPesa Racing Point will be rebranded to Aston Martin Formula 1 team. The rebranding is part of a new investment deal, courtesy Canadian billionaire Lawrence Stroll.
After a meeting between all concerned parties, Stroll Sr led a consortium to buy a 16.7 percent stake in the company for £182 million. According to filings lodged with the London Stock Exchange, Aston Martin was banking on an ‘enhanced’ F1 involvement.
What this also means is that Aston Martin’s title sponsorship deal with Red Bull Racing will conclude at the end of the 2020 season. Meanwhile, the Racing Point F1 team will be rebranded as the Aston Martin F1 works team, effective from the 2021 season.
Details of the agreement includes sponsorship from 2021. This will continue for another four years, with an option to extend the deal, subject to certain conditions.
Interestingly, the Red Bull and Aston Martin relationship will not end entirely. Apparently, the two companies struck a separate deal, involving the Valkyrie hypercar.
The outfit also has a long term deal in place for Mercedes customer engines. However, there are suggestions that the team could become closer to the German automobile giants in the future.
Stroll told the media: “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.”
Meanwhile, Aston Martin CEO Andy Palmer was confident that Stroll will bring in plenty of expertise to the manufacturer. Palmer also believes that Stroll’s experience will be beneficial to the company in the future.
He even made sure to thank Red Bull Racing for their cooperation. Palmer even assured that they will honour their mutual contract until the end of 2020.