Racing Point will compete under the Aston Martin name from the 2021 season onwards, after an investment in the company by Lawrence Stroll.
Stroll acquired the ailing Force India team mid-2018 and rebranded it as Racing Point for the 2019 season, in which it finished seventh in the standings.
On Friday it was confirmed that a Stroll-led consortium has taken a 16.7 per cent stake in Aston Martin Lagonda, with the company having sought major investment amid profit warnings.
As part of the arrangement Aston Martin Lagonda has entered into a legally-binding agreement, of length at least 10 years, which will see Racing Point rebranded.
The Silverstone-based team will become the Aston Martin works team from the 2021 season onwards.
It will continue to compete under the Racing Point name for 2020.
Aston Martin briefly raced in Formula 1 in 1959/60 but its name returned to the championship in 2017 when it formed a partnership with Red Bull Racing.
For 2020 Aston Martin will continue its sponsorship of Red Bull Racing, while the technology partnership between the companies will go on until the Aston Martin Valkyrie is delivered.
The title partnership between Red Bull Racing and Aston Martin will not be renewed for 2021.
“I am very pleased that I, and my partners in the Consortium, have reached agreement with the Board and major shareholders to make this significant long-term investment,” said Stroll.
“Aston Martin Lagonda makes some of the world’s most iconic luxury cars, designed and built by very talented people.
“Our investment announced today underpins the Company’s financial security and ensures it will be operating from a position of financial strength.
“On completion of the £500m of fundraising I look forward to working with the Board and management team in Aston Martin Lagonda to review and improve each aspect of the company’s operations and marketing; to continue to invest in the development of new models and technologies and to start to rebalance production to prioritise demand over supply.
“I, and my partners, firmly believe that Aston Martin is one of the great global luxury car brands.
“I believe that this combination of capital and my experience of both the motor industry and building highly successful global brands will mean that, over time, we fulfil Aston Martin Lagonda’s potential.”
