Aston Martin to sell stake in Formula One team

AFP | London

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Luxury carmaker Aston Martin Lagonda said yesterday it planned to sell its minority stake in the Aston Martin Aramco Formula One team to help turn around its loss-making core business.

At the same time, Aston Martin’s main shareholder, the Yew Tree Consortium, plans to raise its stake in the group to 33 percent, a statement said.

Aston Martin, the model beloved by fictional British spy James Bond, added that the combined action will increase the group’s liquidity by more than £125 million ($162 million).

The consortium is led by Canadian Lawrence Stroll, whose son Lance Stroll drives for the Formula One team. The company said that its long-term Formula One sponsorship deal will not be affected.

Aston Martin chief executive Adrian Hallmark said the new investment will “accelerate our progress into being a sustainably profitable company”.