Stroll: Aston Martin will be 'highly competitive' in F1

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Racing Point F1 owner Lawrence Stroll has taken charge as Aston Martin's new Executive Chairman, a role that will include making the legendary manufacturer a top contender in F1.

Aston Martin Lagonda completed on Monday the rights issue that brings an immediate cash injection of £560 million to the beleaguered luxury sportscar manufacturer.

Among the company's new investors, in addition to the consortium put together by Stroll, are Mercedes boss Toto Wolff and Ernesto Bertarelli, Switzerland's richest man who will each own less than 1% of in the company.

"I am truly excited to be taking on the role of Executive Chairman of this great British company, Aston Martin Lagonda," said Stroll in a statement released on Monday.

"In the midst of the most challenging environment, globally, that any of us have ever experienced, all of my and the management team’s energies will now be dedicated to building on the inherent strengths of the Company, its Brand, engineering, and the skills of its people to forge the foundations of a bright future."

"Our ambition for the Company is significant, clear and only matched by our determination to succeed.

"The rights issue and the investment that I, and my co-investors in the consortium, have made has underpinned the financial security of, and our confidence in, the business.

"We can now focus on the engineering and marketing programmes that will enable Aston Martin to become one of the preeminent luxury car brands in the world."

Returning Aston Martin to profitability will prove challenging for Stroll and current chief executive Andy Palmer given the global economy's sudden downturn amid the coronavirus crisis.

However, Stroll is determined to put Aston Martin back in the fast lane, including in Formula 1 where the firm will race under its own name thanks to its partnership with Racing Point for the first time since 1960.

"In the months ahead, as the world starts to emerge from the COVID-19 pandemic, we will start to reinvigorate our marketing initiatives to continue to build our order book," added a confident Stroll.

"In 2021, Aston Martin will take its place on the Formula 1 grid as a highly competitive works team for the first time in over 60 years.

"This will give us a significant global marketing platform to strengthen our Brand and engage with our customers and partners across the world."

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