Racing Point will become the factory Aston Martin Formula One team in 2021 following the successful takeover of the British manufacturer by a consortium led by Lawrence Stroll.
Canadian billionaire and owner of the Racing Point Formula One team, Lawrence Stroll, has completed purchase of 16.7% of Aston Martin Lagonda for £182million as a part of a deal that will see the manufacturer receive a £500m boost.
Away from the road going operations, the 'Issue of Equity' report submitted on Friday morning confirmed that, as of 2021, Racing Point will become the factory Aston Martin F1 effort as of 2021.
The deal sees Aston Martin commit to an initial ten-year term and the manufacturer will receive 'economic interest' from the team.
In a statement reacting to the news, Red Bull said, "Following the Aston Martin Lagonda announcement earlier today, the Team can confirm that the manufacturer will remain title partner until the end of the 2020 season but this contract will not be extended past the end of the current term.
Red Bull Racing has agreed to release Aston Martin from its Formula One exclusivity clause which in turn has allowed it to generate the necessary investment required to re-finance and pursue alternative opportunities within the sport.
"Red Bull Advanced Technologies will continue to work with Aston Martin in order to deliver the Valkyrie hypercar, with the first cars scheduled for delivery at the end of the year."
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