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Racing Point to become works Aston Martin team in 2021!

Lawrence Stroll's Racing Point F1 outfit will become the works Aston Martin team from 2021 following the Canadian billionaire's acquisition of a 16.7% stake in the luxury car manufacturer.

It was announced on Friday that Stroll and a consortium of investors will invest approximately 182 million pounds in Aston Martin and help revive the fortunes of the ailing manufacturer whose share price and profits have plummeted since the company's floating in October 2018.

Racing Point F1 reveals launch date for 2020 contender

Overall, Aston Martin is set to raise a total of 500 million pounds which will include 318 million pounds derived from a rights issues subscribed by the company's shareholders, an injection that should raise Stroll's stake in the company to 20 percent.

Stroll's consortium will also give £55.5m in short-term working capital to Aston which will be refunded at a later date, while the Canadian will join the company's board as executive chairman.

Aston Martin Chief Executive Andy Palmer said Stroll who made his fortune in the fashion industry with brands such as Tommy Hilfiger and Michael Kors will bring several benefits to the automaker.

"He brings with him his experiences and access to his Formula 1 team," Palmer told Reuters.

"We've talked a lot in the past few years about wanting to be clearly rooted in luxury and obviously Mr Stroll knows an awful lot about luxury."

As a by-product of Stroll's investment in Aston, the company will terminate its current partnership with Red Bull Racing at the end of the 2020 season and receive equity in Racing Point F1, which will become the works Aston Martin team.

The legendary manufacturer has also agreed a five-year commercial sponsorship deal with Racing Point.

Following today's announcement, Red Bull Racing said that it has agreed "to release Aston Martin from its Formula One exclusivity clause which in turn has allowed it to generate the necessary investment required to re-finance and pursue alternative opportunities within the sport."

Furthermore, Red Bull Advanced Technologies will continue to work with Aston Martin in order to deliver the Valkyrie hypercar, with the first cars scheduled for delivery at the end of the year.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.