Aston Martin extends sponsorship of F1 team – takes equity stake
Aston Martin Lagonda has extended its sponsorship deal with the F1 team that bears its name and further...
The post Aston Martin extends sponsorship of F1 team – takes equity stake appeared first on F1i.com.
Aston Martin Lagonda has extended its sponsorship deal with the F1 team that bears its name and further boosted its involvement by taking an equity stake in the Silverstone-based outfit.
The prestigious British sportscar manufacturer which was acquired by a consortium of investors led by Lawrence Stroll in 2020 was granted the naming rights by the Canadian billionaire’s independently owned team from 2021.
According to The Times, this agreement, which was set to expire at the end of 2025, has now been amended and will run until 2030.
However, Aston Martin Lagonda has also taken up an option to acquire a near-£20 million equity stake in the F1 team, although it’s unclear if new shares have been sold to AML or if the stake was acquired from existing shareholders.
This news comes after a period of significant investment by Stroll that allowed the F1 team to undertake a major infrastructure upgrade that includes a brand new factory equipped with a state-of-the-art wind tunnel.
Last year, Aston Martin's on-track performance started to mirror its owner’s financial commitment, with the team emerging as a surprise podium contender with F1 veteran Fernando Alonso.
Aston Martin Lagonda executive chairman and F1 team owner Lawrence Stroll.
Stroll, the executive chairman of AML, described the positive impact F1 is having on the Aston Martin brand.
“Formula 1 has helped transform the nature of the business and give us the performance credentials and credibility by putting it into our road cars,” commented Stroll during an AML strategy event at their Gaydon HQ, as reported by The Times.
“Not only has Formula 1 given us the 2.3 billion viewers that see a beautiful British racing green Aston Martin 24 weekends this season, it’s also brought us a much younger customer to Aston Martin.”
Last week, Aston Martin F1 announced a two-year extension of the two-time world champion’s contract, meaning the Spaniard will remain on the grid with Team Silverstone until at least 2026.
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