Stroll’s Aston Martin Takeover: How it Affects F1 and all the Details You Need to Know
Follow Us
After weeks of speculation and meetings, Lawrence Stroll has successfully rescued Aston Martin. The British manufacturer was on the brink of a collapse until the Canadian stepped in. The billionaire led a consortium with a £500 million bailout, to keep the British manufacturer alive.
The partial owner of the SportPesa Racing Point F1 team led a group that paid £182 million for a 16.7% stake in the company. To make matters better for Aston Martin, new shares have been projected to raise an additional £318 million.
After the acqusition, Stroll is set to become the Aston Martin executive chairman. The British automobile giants had to battle several issues, ranging from weak demand, a global auto slowdown and uncertainty over Brexit.
ADVERTISEMENT
Article continues below this ad
In the wake of the news, the carmaker’s shares soared as high as 30% in London. Initially, the 106-year old company expected its 2019 profit to plummet by nearly half from 2018. All this was despite healthy orders for its first ever SUV, the DBX.
As a bonus, the way is clear for Aston Martin to enter Formula One once again. This time, they will be taking over the Racing Point team in the 2021 season. Until then, the company will continue to sponsor the Red Bull Racing team till their contract ends.
ADVERTISEMENT
Article continues below this ad
History of Aston Martin in F1
This isn’t the first time Aston Martin and Formula One were closely associated. The outfit actually entered a team in 1959 and 1960, for only a handful of races. Unfortunately, they were not particularly successful, with a highest finish of 6th place at Aintree and Monsanto in 1959.
ADVERTISEMENT
Article continues below this ad
The team fielded the DBR4 and the DBR5 chassis’ in both seasons, with drivers, Roy Salvadori, Carroll Shelby and Maurice Trintignant. Salvadori clinched 6th place on both occasions in 1959, those they never scored any points.
Trending
F1 Rumor: Carlos Sainz Offered 2-Year Deal for Mercedes by Toto Wolff
April 12, 2024 12:16 PM EDT
Adrian Newey Hits Out at Climate Activist Lewis Hamilton’s Fuel Protest, Desperate to See V10 Engines Again
April 15, 2024 12:35 PM EDT
Lando Norris Spotted With Portuguese Supermodel in $700K+ Supercar
April 13, 2024 03:51 PM EDT
Charles Leclerc Flaunts His and GF Alexandra Saint Mleux New ‘Baby’ Leo
April 13, 2024 03:00 PM EDT
“I Was Quite Depressed”: Adrian Newey Makes Brutal Revelation as He Reveals Red Bull Heavily “Struggling”
April 15, 2024 02:38 PM EDT
Get instantly notified of the hottest F1 stories via Google! Click on Follow Us and Tap the Blue Star.
Follow Us
Now, in 2021, Aston Martin will have another crack at Formula One, with Sergio Perez and Lance Stroll as the favourites to drive. However, there is an element of doubt surrounding Perez, who seeks a top drive.
Written by:
