F1: Lawrence Stroll to Become Aston Martin Chairman as F1 Entry Reaffirmed

Lawrence Stroll, Canadian businessman and father of Racing Point’s Lance Stroll has today launched a £500m rescue package for British car manufacturer Aston Martin, that will see him take over as Executive Chairman. Stroll, who already co-owns Racing Point, will rebrand the team next year in line with his Aston Martin role.

In what would have been the company’s Geneva Motor Show conference, Stroll outlined Aston’s road commitments as well as emphasising the fact that they will return as a works Formula One team from next season.

Aston Martin plan to raise £536m through an equity offering, while Stroll’s ‘Yew Tree Consortium’ will put in £171million to help the manufacturer whose share price has halved since the start of the year.

As part of a speech in which he mentioned it would underpin the brand globally, Stroll said;

“As many of you may know I have experience in building brands in private and public sectors … The foundation of the strategy is returning Aston Martin to a works Formula One team on the grid for 2021, operating under its own brand. Enabling it to reach a cumulative audience of 2 billion people a year and engage and entertain our customers at 22 locations every year.”

Currently, Aston Martin are in contract with rival Formula One team, Red Bull, whose deal comes to an end this year. Aston will continue to develop the Valkyrie, a project in conjuction with Red Bull, though as part of Stroll’s ambition to “reset the business plan” no further electric cars will produced, with the road car side focusing on its mid engine range, an area Formula One’s technology will benefit them in the long term.

As part of the announcement, Aston Martin was forced to open up a $100m credit line and in the process of putting its staff on furlough (full pay) as it temporarily closes its two UK factories.

Speaking further about the future of Aston Martin in Formula One, Stroll said;

“I, and my co-investors in the consortium, continue to believe passionately in the future of Aston Martin Lagonda. This is most clearly demonstrated by our investment of £262m which underpins the financial security of the company. This is a very significant capital raise of £536m – due to be made by my consortium and other shareholders at a very challenging time.

“This gives the necessary stability to reset the business for its long-term future. We have a clear plan to make this happen, including Aston Martin entering an F1 works team next season and I look forward to working with the management team to deliver this programme.”

There has been discussion about what Stroll’s new team would look like. It is likely they will take on the majority of Racing Points facilities, while the team has retained the contract of Sergio Perez into the new season. However, it is unknown what the management level will look like.

Bernie Ecclestone commented on the recent close relationship between Mercedes lead man Toto Wolff, who’s contract runs out at the end of the year, and Stroll himself stating;

“As far as I know, Wolff decided long ago to leave Mercedes and join with Stroll at Aston Martin. For the past two years they’ve been like identical twins.”

Wolff denies these claims.

Racing Point made headlines during pre-season testing when they fielded a car with a remarkably similar design to the 2019 Mercedes AMG Team entry, though no case has yet been brought forward.