Aston Martin F1 works team plans in place despite cash crisis
Aston Martin F1 works team plans in place despite cash crisis
Lawrence Stroll is adamant his plans for Aston Martin to enter a works team in Formula 1 next season are continuing despite the apparent cash crisis surrounding the car company.
At the end of January, Racing Point owner Stroll led a consortium that took a majority 16.7% stake in Aston Martin.
Due to the ongoing coronavirus pandemic that has hit Aston Martin especially hard in the market, the deal has been reworked that has resulted in Stroll, who is due to become executive chairman on April 20, and his group taking a 25% stake.
While Stroll's investment is keeping the wolves at bay, a company statement issued on Monday night outlined future concerns, declaring that the Aston Martin Lagonda Group Ltd "does not have sufficient working capital to meet its requirements for 12 months" following the publication of an original prospectus.
It added that it was due to the "increased impact...of Covid-19 and the ongoing and unquantifiable uncertainty it has created and continues to create".
The forced closures of its factories at Gaydon, and in particular, its new plant at St Athan to meet government guidelines in dealing with the coronavirus, has naturally halted production, notably of the DBX SUV that is being viewed as a make-or-break vehicle for the company.
Under Stroll's leadership, a rights issue of £536million has been raised, with there is an additional £150million being made available.
Despite the issues, Stroll has utter conviction in the project, and that Aston Martin will be on the F1 grid in 2021.
"I, and my co-investors in the consortium, continue to believe passionately in the future of Aston Martin Lagonda," said Stroll.
"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."
Related
Change your timezone:
Latest News
F1 Results Today: Chinese Grand Prix practice times as SURPRISE driver tops charts
- 1 hour ago
Hamilton makes STUNNING claim on F1 future amid Ferrari contract uncertainty
- 10 minutes ago
F1 News Today: Red Bull and Verstappen dealt title blow as bizarre FIRE halts Chinese GP practice
- 1 hour ago
Chinese Grand Prix practice red flagged after BIZARRE fire
- 2 hours ago
F1 Chinese Grand Prix weather forecast - latest today from Shanghai
- 3 hours ago
Hamilton opens up on Wolff talks over Ferrari move as Verstappen SLAMS F1 decision - GPFans F1 Recap
- Today 00:27
Related news
Driver suggests Newey tempted by 'enticing' offer from F1 rivals
Alonso hints at another EXTENSION to F1 career
Stroll's F1 exit dilemma RIDICULED by former driver
Alonso in U-turn revelation on Aston Martin deal
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860