Aston Martin, headed by Lance Stroll have announced a mega $755 million fundraiser for Saudi investment firm PIF.
Lawrence Stroll became executive chairman of Aston Martin back in 2020, when he lead a strong consortium to take part ownership of the group. It also saw him rebrand his own F1 team ‘Racing Point’ into what we know as Aston Martin Aramco Cognizant F1 Team today.
The British company have been heavily involved in business with Saudi Arabia over the last year. This also included Aramco naming themselves as the F1 team’s Title sponsor for this year, and it brought in a lot of money.
Aston Martin @astonmartin announces £653m fundraising that will see the Saudi investment fund PIF (owner of Newcastle United) become the second largest shareholder @TimesRadio
— Dominic O’Connell (@dominicoc) July 15, 2022
However, their recent investment for the Saudi based PIF group has been huge. This investment firm also owns Newcastle United, who play in the English Premier League (the most marketable football league in the World).
Stroll’s company announced a fundraiser of $755 million for the company. This money may well help Newcastle, who are now looking to make big strides in football with heavy financial backing.
Tough season on the track for the Aston Martin F1 team
Aston Martin came into the 2022 F1 season with heavy expectations on their shoulders. They underdelivered in 2021, with a seventh place finish behind Alpine and AlphaTauri.
2022 has been worse for them so far. The Silverstone based outfit have just 18 points to their name, and only Williams are behind them in the standings. Sebastian Vettel and Lance Stroll have struggled with form, but mainly with performance.
The AMR22 is not competitive enough to fight for points on a daily basis, which has limited Vettel and Stroll’s impact on the rest of the grid.
Team principal Mike Krack however is confident of the team going in the right direction. On top of that, he’s also sure of Vettel extending his stay in Aston Martin beyond his current contract.
“Well, we are in talks,” said Krack. “Sebastian is very, very positive, very constructive, so from that point of view, I really hope that we can continue.”
Also read: Aston Martin to extend $15 million contract of Sebastian Vettel claims Aston Martin boss
