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.
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Much would need to be worked out, starting with how much garage and grandstand access would be afforded for a 2021 season opener that likely would occur during a still ongoing novel coronavirus (COVID-19) pandemic.
He was a spectator (with racing legend Mario Andretti) at four-time champion Jeff Gordon’s final Cup race as a full-time in the 2015 season finale at Homestead-Miami Speedway. In 2011, Hamilton swapped cars with three-time champion Tony Stewart at Watkins Glen International.
Having rubbed shoulders with other racing greats so often, it only would be fitting if Hamilton — who is one victory from tying Michael Schumacher’s career record and also could tie the F1 record with a seventh championship this season — spent some time with the greatest basketball player of all time.