Racing Point renamed Aston Martin Racing for 2021 F1 season

Red Bull Racing will continue their association with Aston Martin until the end of the season after Racing Point owner Lawrence Stroll invests in the iconic British manufacturer

Aston Martin Racing will return to the F1 grid for the first time in 60 years (Reuters)

Formula One have confirmed that Racing Point F1 will be renamed as Aston Martin Racing in 2021 after team owner Lawrence Stroll secured a significant investment into the iconic British manufacturer.

A consortium led by the father of current F1 driver Lance Stroll has invested £182m into the struggling British marque, which has seen its share price plummet since being made public in October 2018, with the Canadian securing a 16.7 per cent stake in the company and being installed as chief executive in the process.

The move is part of a £500m emergency fund, with the rest of the money set to come from existing investors, and follows a disappointing 2019 that saw its finances plummet from earnings of £247.3m to between £130m and 140m.

Aston Martin said in a statement that the agreement with Racing Point, who finished seventh overall in 2019, was for an initial 10-year term and the carmaker "will receive an economic interest in the team."

"The agreement also includes a sponsorship arrangement from 2021 and for the subsequent four years with commercial terms commensurate with the company's current annual F1 expenditure," it added.

This was renewable for five years, subject to satisfying certain conditions.

The Silverstone-based team started life out in 1991 as Jordan, but persistent financial difficulties has seen it rebranded in numerous occasions to Spyker and Midland, before Indian billionaire Vijay Mallya took control of it and formed the name Force India. However, the team collapsed into administration in 2018, with Stroll’s consortium taking control and rebranding the team Racing Point F1 along with hiring his son Lance to join Sergio Perez as the team’s two drivers.

Stroll’s acquisition of the team means that the current relationship between Aston Martin and Red Bull Racing – a title-sponsorship agreement that was struck at the start of the 2018 campaign – will end at the end of the 2020 season, at which point Racing Point will be rebranded on an initial 10-year deal.

However, both Red Bull and Aston Martin have committed to the ongoing Valkyrie hypercar project, which will see their move into the newly-formed World Endurance Championship category from next season.

A Red Bull Racing statement read: "Following the Aston Martin Lagonda announcement earlier today, the team can confirm that the manufacturer will remain title partner until the end of the 2020 season but this contract will not be extended past the end of the current term.

"Red Bull Racing has agreed to release Aston Martin from its Formula One exclusivity clause which in turn has allowed it to generate the necessary investment required to re-finance and pursue alternative opportunities within the sport.

"Red Bull Advanced Technologies will continue to work with Aston Martin in order to deliver the Valkyrie hypercar, with the first cars scheduled for delivery at the end of the year.

"We thank Aston Martin for their support over the past four years in which time we have achieved 12 wins, 50 podiums and six pole positions together. We wish Aston Martin’s employees and shareholders all the best for the future and our focus remains on working together throughout the 2020 season and ending our partnership on a high."