Lawrence Stroll, the man behind the investment in successfully taking over Racing Point to the Aston Martin brand, believes it is the most exciting thing to happen to F1 in years.
The Canadian billionaire previously took over ownership of Force India and rebranded it to Racing Point, but that team will now have its third moniker in 2021 as the Aston Martin Formula 1 Team makes its return to the sport for the first time in 60 years.
On Monday 30th of March, a takeover of £563m was approved, with £260m of that coming from Yew Tree Consortium, which is led by Stroll.
He reckons that the brand of Aston Martin is one that belongs in the pinnacle of motorsport.
“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” he said in a released statement.
“I think it’s the most exciting thing that’s happened in recent memory in Formula 1 and it’s incredibly exciting for all stakeholders in the sport, especially the fans. I can’t think of a better name for a Formula 1 team.
Our investment strategy places Formula 1 as a central pillar of the global marketing strategy, and it makes perfect sense to rebrand Racing Point for this purpose.
“Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula 1.
“The global spotlight of Formula 1 is second to none and we will leverage this reach to showcase the Aston Martin brand in our key markets.”
F1 is currently in hiatus due to the coronavirus pandemic, and Stroll admits that the teams are frustrated not to be racing, but are committed to helping out via Project Pitlane, a new initiative aimed at developing emergency ventilators.
“I don’t think there is any area of life or business that hasn’t been touched by this devastating pandemic and the racing community is certainly adapting as best it can,” he said.
“Of course, as racers, we are all very frustrated not to be competing, but we all understand the bigger picture in this global fight and so we stay at home.
“The team is also supporting Project Pitlane to help accelerate the production of ventilators. In the meantime, we can rely on video conferences to keep our plans for 2020 and 2021 moving forward. I am committed to Formula 1 with a long-term vision and this is just a temporary pause in the journey.”
Stroll’s son, Lance, will perform alongside Sergio Perez for the last time under the Racing Point name in 2020 until the change to Aston Martin in 2021.
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