Aston Martin cash boost for F1 team

Lawrence Stroll paves the way for Aston Martin to invest up to £200m in his Formula 1 team over five years

Canadian tycoon Lawrence Stroll has paved the way for Aston Martin to invest up to £200million in his Formula 1 team over the next five years, documents show. 

Earlier this year, Stroll led a consortium of investors who bought a 25 per cent stake in the London-listed luxury car-maker in the hope of turning around its fortunes.

As part of the deal, Aston Martin Lagonda will become title sponsor of Stroll’s F1 team Racing Point, which is owned by many of the same investors in his consortium.

Investment: Lawrence Stroll with daughter Chloe, left, and wife Claire-Anne

Now documents published by the team reveal that its connection with Aston Martin’s parent company could get even closer.

On February 17, Racing Point voted ‘to allot ordinary shares… in the company up to a maximum nominal amount of £200,000,000… to enable the directors to grant AML an option to subscribe for shares of the company… in anticipation of the sponsorship agreement’.

Aston Martin suffered a £104million pre-tax loss last year and last week revealed pre-tax losses of £119million in the first three months of this year. However, the shares do not need to be allotted for five years and perhaps as long as ten years.

Stroll amassed a £2.1billion fortune helping to develop the Tommy Hilfiger fashion brand.