Racing Point will be re-branded as Aston Martin in 2021 after team owner Lawrence Stroll purchased a stake in the British car manufacturer.
The Aston Martin board teem met last night to discuss investment opportunities after two viable offers from Lawrence Stroll and Chines car maker, Geely, the owner of Lotus, Proton and Volvo.
The board decided to move forward with Lawrence Stroll, meaning the Racing Point owner has secured a 16.7% stake in the company after investing £182 million.
The investment also means that from 2021, Racing Point will be re-branded to Aston Martin F1 works team, and could reprise the British Racing Green colours last seen on Jaguar Racing’s car in 2004.
Aston Martin is currently a title partner of Red Bull’s and the company has confirmed that this will be honoured in 2020, but will cease for the start of the 2021 season.
Red Bull has also helped Aston Martin develop its Valkyrie hypercar, and the team has confirmed that they would continue to do so until the car is delivered to production.
A press release issued by 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.
“We thank Aston Martin for their support over the past four years in which time we have achieved 12 wins, 50 podiums and six pole positions together.
“We wish Aston Martin’s employees and shareholders all the best for the future and our focus remains on working together throughout the 2020 season and ending our partnership on a high.”