In late 2019, Aston Martin floated the idea of entering Formula One as a full-fledged team. Enter Canadian billionaire Lawrence Stroll, who could possibly be their ticket into F1. According to the latest developments, he and the British automobile giants are close to a deal for a major stake in the brand.
As per Bloomberg, Stroll Sr is locked in ‘advanced discussions’ with Aston Martin. It is believed that if the green light for the deal is given, then the SportPesa Racing Point Formula One team will be rebranded as a factory Aston Martin outfit.
However, one complication is that Aston Martin are the title sponsors of the Red Bull Racing F1 team. On the other hand, the 2021 regulation changes and the existing infrastructure of Racing Point was a lucrative option.
This was because, the manufacturer would have saved a considerable amount of money with an existing team, compared to a brand team.
Amid reports of a deal being struck, Aston Martin confirmed that there was a meeting. However, they were silent on the nature of the talks, so it is unknown whether Stroll Sr was successful.
“We remain in discussion with potential strategic investors in relation to building longer term relationships which may or may not involve an equity investment,” Aston Martin said in a statement.
Meanwhile, the Red Bull camp are oddly quiet, considering that they may be forced to search for a new title sponsor for 2021. Aston Martin’s situation got even more dire as the company reported a third-quarter loss in November 2019.
Apparently, their full-year wholesale volumes were projected be lower than previously hoped after diminishing demand in Europe and Asia.
As of now, Aston Martin’s hopes lie on almost doubling sales with its first SUV, which enters production in 2020. One of their primary targets for the coming year is the female populace and attracting them towards the brand.