SILVERSTONE, England — Aston Martin will return to Formula One next year following a takeover worth nearly $1 billion.
The Racing Point team, which is owned by Lawrence Stroll, will be rebranded in 2021 after the Canadian billionaire completed a takeover of the British-based car manufacturer.
Racing Point said in a statement Wednesday that the shareholders of Aston Martin Lagonda approved a fundraising of 536 million pounds ($664 million) on Monday, underpinned by an injection of 260 million pounds ($322 million) from investors led by Stroll.
He now becomes executive chairman of Aston Martin, which will have its own F1 team for the first time since 1960.
“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” Stroll said.
Stroll’s 21-year-old son, Lance, currently races for Racing Point alongside veteran driver Sergio Perez.
The Aston Martin team will continue to operate from its Silverstone base.
Simon Pagenaud’s engineer relives 2019 Indy 500 victory on Twitter
The Team Penske engineer for last year’s Indianapolis 500 winner is reliving Simon Pagenaud’s day by tweeting about what he was doing each moment a year later.
Starting with an observation that he awoke in his Indianapolis hotel room at 4:30 a.m., Ben Bretzman (@benbretzman) sent nearly two dozen tweets by 11 a.m. ET about how the morning before the 103rd running of the Indianapolis 500 unfolded.