Sports Business : Aston Martin officially returns to Formula 1 next year after 60 years

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Aston Martin has officially announced it will return to Formula 1 as a full team next year when it takes over Racing Point. The car manufacturer previously competed in F1 60 years ago. The car manufacturer’s shareholders gave formal approval this week to an investment of £260 million from Racing Point team owner Lawrence Stroll towards a total fundraising of £536m in the business.

“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” said Stroll. “I think it’s the most exciting thing that’s happened in recent memory in Formula 1 and it’s incredibly exciting for all stakeholders in the sport, especially the fans. I can’t think of a better name for a Formula 1 team.

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“Our investment strategy places Formula 1 as a central pillar of the global marketing strategy, and it makes perfect sense to rebrand Racing Point for this purpose. Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula 1.

“The global spotlight of Formula 1 is second to none and we will leverage this reach to showcase the Aston Martin brand in our key markets.”

Meanwhile, the disruption caused by the outbreak of the Covid-19 pandemic has prevented F1 fans from gauging the true potential of the 2020 Racing Point RP20, which raised eyebrows in pre-season testing with its Mercedes-like profile – with some experts in the paddock predicting that the car will enable Racing Point to make in-roads into the dominance of the top three teams of Mercedes, Red Bull and Ferrari this season.