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 on 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 Stroll, currently races for Racing Point alongside veteran driver Sergio Perez.
The Aston Martin team will continue to operate from its Silverstone base.
Disclaimer: No Business Standard Journalist was involved in creation of this content