Lawrence Stroll is well known for being the owner of Aston Martin and their F1 team. The Canadian Billionaire has invested in F1 since 2017. But he missed a massive opportunity to become an F1 team owner 25 years ago, and he, as per the Business F1, regrets passing down that opportunity.
Stroll made his Billions by investing in fashion houses like Tommy Hilfiger, Ralph Lauren, Michael Kors, and Pierre Cardin. He helped Hilfiger grow into a big brand, which today sponsors the Mercedes F1 team and partners with Lewis Hamiton.
His ties with Hilfiger allowed him to enter the F1 grid with a championship-winning team Lotus. However, the Canadian passed on the opportunity, but his business partner’s advice made him turn his face away.
Lotus approached Lawrence Stroll to buy the team in 1994
In 1994, the Lotus F1 team was on the verge of bankruptcy. Peter Collins and Peter Wright were searching for a new buyer. They turned their heads towards Lawrence Stroll, who had invested in the team.
Stroll had a five percent stake in the team. He sponsored the car with Tommy Hilfiger and then Pepe Jeans in 1992, earning the British team $1.5 million. Business F1 reported that Collins, who regarded Stroll as a generous mogul, wanted the billionaire to invest more.
Stroll seriously considered buying the Lotus team before it went into administration. He was undecided, but his partner Silas Chou advised him against it and considered it a distraction. And on 12 September 1994, the 7-time constructor’s championship-winning team was dissolved.
However, the death of former Lotus driver Ayrton Senna and the rise of Michael Schumacher boosted the popularity of F1. The value of teams on the F1 grid grew astronomically. This meant Stroll would have earned a fortune by buying the dying team in 1994. Had Sytroll invested a few million dollars then, his investment could have rewarded him handsomely.
How did Stroll enter F1?
Despite passing on the opportunity to enter F1 in 1994, Lawrence Stroll would enter the sport in 2018 by acquiring the Force India team. Indian liquor baron and team owner Vijay Mallya was accused of fraud and could not run the F1 team.
The team was put in administration by the High Court in London ahead of the 2018 Hungarian GP. A consortium led by Stroll stepped in the nick of time and purchased the assets, and renamed the team to ‘Racing Point.’
In 2020, the Canadian purchased a 16.7% stake in Aston Martin for $238 Million. He became the company chairman and re-branded Racing Point as the Aston Martin F1 Team in 2021.
Why did Lawrence Stroll decide to buy @AstonMartinF1?
“Having the greatest brand to bring into the greatest sport to realize the greatest return is what excites me about the opportunity.” pic.twitter.com/GY0otQDSQ0
— Squawk on the Street (@SquawkStreet) June 13, 2023
The Silverstone-based team has enjoyed a spectacular start to the 2023 season. With Fernando Alonso on board, they have achieved five podiums in the season’s first seven races. Stroll believes his team is ready to take the next step as race winners.
He claimed, “A couple of years ago I said that we would need five seasons to fight for the title. Now we have a vision and a project that will lead us to win. I don’t want to set deadlines, but we are going to do our best. I think we have shown what we can do”
Aston Martin has an ambitious target of challenging for the title in a couple of years. Stroll has backed its goal by investing over $200 Million in its new base, equipped with a wind tunnel. The Silverstone-based team has also secured a deal with Honda, which will see the team graduate into a works team from a customer team. The future looks promising for the team in green.
