Welcome to GPFans

CHOOSE YOUR COUNTRY

  • NL
  • GB
  • FR
  • ES-MX
  • GB
Aston Martin attracts controversial Saudi backing
WK2022
Aston Martin consider Alonso options
Magnussen "pumped" to begin Hulkenberg relationship
3
Verstappen issues F1 retirement ultimatum as six-way title battle looms
1
McLaren refuse to blame Ricciardo for Alpine defeat
Sainz reveals strict Ferrari Abu Dhabi team order
Mercedes explain failed Hamilton Abu Dhabi gamble
1
Binotto on thin ice as Wolff dismisses Mercedes fall from grace - GPFans F1 Recap
3
Ricciardo concedes F1 fear after Red Bull switch
4
Hamilton reveals hatred for Mercedes W13
24
F1 LIVE - Ecclestone documentary confirmed for December release
2
Hulkenberg reveals F1 return project trigger
1
Hamilton creating 'tangible change' with equality efforts
47
F1 drivers' penalty points: Who is close to a ban?
2
Binotto on the brink as Ferrari exit rumours intensify
Aston Martin attracts controversial Saudi backing

Aston Martin attracts controversial Saudi backing

Aston Martin attracts controversial Saudi backing

Aston Martin attracts controversial Saudi backing

Aston Martin has taken on the controversial Saudi Arabian Public Investment Fund [PIF] as its second major shareholder as the car manufacturer bids to bolster its floundering finances.

The company, overseen by Lawrence Stroll, announced debt of almost £1billion at the end of March, while its share price has plummeted, and the F1 team is enduring a torrid year on track despite significant investment.

PIF has hit the headlines recently, notably following its takeover of British Premier League club Newcastle United last year, a move which sparked protests from fans.

Significantly, PIF is behind LIV Golf, effectively a breakaway series to the PGA Tour and which has attracted many of the world's top players with vast sums of money.

PIF is to now acquire a 16.7 per cent stake in Aston Martin, becoming its second-largest shareholder behind Stroll's own Yew Tree Holdings company.

It will buy shares worth £78million, and will take part in a £575m rights issue as Aston seeks to reverse a slump which has seen its shares hit a record low this week, falling by 73 per cent over the year.

Confirming the plans, Stroll said: “Today’s announcement marks the latest success in the evolution of Aston Martin, the restoration of the business and balance sheet we inherited, and the acceleration of our long-term growth potential."

Referencing the continued importance of F1 in helping the manufacturer find a solid financial footing, Stroll added: “Aston Martin's return to the pinnacle of motorsport with the F1 team has also ushered in a new era for our iconic British brand.

“Our focus on building brand equity and unleashing the potential of Aston Martin is already delivering growing demand from a new generation of customers, with more than 60% new to the brand in 2021.”

Ontdek het op Google Play