Aston Martin sells its F1 team
Still heavily in debt, Aston Martin will sell its shares in the team that bears its name in F1, but will remain as title sponsor.
When Lawrence Stroll acquired the then-called Force India F1 team and the Aston Martin car manufacturer in 2020, he was pursuing a dual objective: securing a Formula 1 seat for his son Lance, and creating a communication platform to promote the British brand.
Five years later, the two companies are about to be fully separated in terms of ownership structure. Indeed, in the release of its annual report, Lawrence Stroll announced that Aston Martin would sell its remaining shares in the F1 team, with a book value of £74 million (€88 million).
However, he hasn’t lost sight of his original goal, which will now be maintained through a new long-term sponsorship agreement between the team and the manufacturer. As the man in charge of both entities, reaching such an agreement likely wasn’t too difficult. The Canadian businessman commented: « With a long-term sponsorship agreement cementing the relationship between Aston Martin and the Aston Martin F1 Team, our brand will remain present and racing at the pinnacle of motorsport for many years to come. »
At the same time, the billionaire will also inject new capital into the parent company by issuing 75 million new shares worth a total of £52.5 million (€63 million), which will bring his consortium’s stake up to 33%. This move is intended to support the continued renewal of Aston Martin’s product lineup, as sales dropped a further 9% in 2024.
