LONDON (Reuters) -The Aston Martin brand will be in Formula One for decades to come, team owner Lawrence Stroll said on Monday after the sportscar maker announced the sale of its stake in the Silverstone-based outfit. Aston Martin said it is raising more than 125 million pounds ($161.9 million) through funding from Stroll, its chairman, […]
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Motor racing-Aston Martin will be in F1 for decades to come, says owner Stroll
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LONDON (Reuters) -The Aston Martin brand will be in Formula One for decades to come, team owner Lawrence Stroll said on Monday after the sportscar maker announced the sale of its stake in the Silverstone-based outfit.
Aston Martin said it is raising more than 125 million pounds ($161.9 million) through funding from Stroll, its chairman, and the sale of its stake in the F1 team which is controlled by the Canadian.
“These moves demonstrate that Aston Martin’s place on the Formula One grid is as secure as ever,” the billionaire said in a statement.
“AML recently re-committed to its long-term sponsorship and licensing agreement with AMF1, confirming that the legendary Aston Martin brand and its British racing green colours will compete in Formula One for decades to come.”
The racing team, whose title sponsor is Saudi energy giant Aramco, said Stroll had commissioned investment bank Raine Group to help find a buyer for Aston Martin’s stake.
“Raine will work closely with AMF1’s commercial chief Jeff Slack to secure a strategic investor who can add long-term value to the team and the brand,” they said.
(Reporting by Alan Baldwin; Editing by Ken Ferris)