Lance is not great, but as a paying driver he scores points, I even think he ended up qualifying in the top three once. What happens if there is a better pay driver that could take his seat? What kind of influence does Lawrence have to keep Lance in his seat?
Lance has been in F1 for three years and only outscored one teammate; Sirotkin. It's unlikely he'll challenge Perez this year, since Perez outscored him 52-21 last year.
Time to start looking at Aston Martin stock. I think Stroll is pompous, but he seems to know how to run things. Maybe this investment will help AM turn around.
EDIT_I just realized I was beaten to thread with this news. I'll leave the Reuters release here anyway.
Well now we know what Racing Points new team name will be. Aston must not be selling enough Vulcans.
LONDON — Canadian billionaire Lawrence Stroll has agreed to buy up to 20% of Aston Martin and rename his Formula One team after the 107-year-old company famed for being fictional secret agent James Bond’s car of choice.
A decline in sales of Aston Martin’s luxury sports cars since it floated on the London Stock Exchange in October 2018 has put the company’s shares and finances under sustained pressure, forcing it to seek help.
Under the deal announced on Friday, Stroll will pay 182 million pounds for a 16.7% stake which could rise to 20% upon completion of the company’s plan to raise a total of 500 million pounds, including a rights issue from exiting shareholders.
Aston Martin shares surged as much as 30% after the announcement and were 18% higher at 1038 GMT.
The brand, which is mainly owned by Italian and Kuwaiti private equity groups, has come late to the lucrative sports-utility vehicle (SUV) market and has struggled to keep up with rivals owned by major global carmakers.
Aston Martin had also held talks with Chinese carmaker Geely , which makes Volvos, but it wanted to instigate more fundamental change than the plan outlined on Friday, a person familiar with the talks told Reuters.
Aston Martin Chief Executive Andy Palmer said the consortium led by Stroll, who is behind the Racing Point F1 team and owns a fleet of vintage Ferraris, will bring several benefits.
“He brings with him his experiences and access to his Formula One team,” Palmer told Reuters.
“We’ve talked a lot in the past few years about wanting to be clearly rooted in luxury and obviously Mr Stroll knows an awful lot about luxury.”
Stroll will join Aston Martin’s board as executive chairman, replacing Penny Hughes, who will step down.
Under Friday’s agreement, Racing Point will become the Aston Martin F1 works team from the 2021 season. Stroll’s 21-year-old son Lance joined Mercedes-powered Racing Point last year from Williams and has Mexican Sergio Perez as team mate.
Stroll, who made his money through investing in fashion brands such as Tommy Hilfiger and Michael Kors, has been involved in Formula One and motor racing for years and also owns Canada’s Mont-Tremblant circuit in Quebec.
‘DEMAND OVER SUPPLY’
Carmakers of all sizes are using alliances, partnerships and mergers as ways to share the cost and challenge of meeting new emissions regulations, electrifying model ranges and competing on new technologies such as autonomous driving.
The car sector has been hit by a decline in sales in China and a slump in diesel sales in Europe, prompting several automakers to post disappointing results, but Aston has also suffered as a small player.
Rivals such as Bentley, which is owned by Volkswagen , and Rolls-Royce Motor Cars, a subsidiary of BMW , benefit from being part of major carmaking companies as they can share costs and expertise.
But despite more stringent emissions rules coming in over the next few years, Aston Martin said plans to invest in electric vehicles will now be delayed beyond 2025 as part of cost-cutting measures.
The consortium led by Stroll is likely to include several other people such as JCB Chairman Anthony Bamford, entrepreneur Andre Desmarais, Michael de Picciotto, telecoms investor John McCaw and Hong Kong fashion sector investor Silas Chou, all of whom have worked with Stroll before.
“I look forward to working with the board and management team… to continue to invest in the development of new models and technologies and to start to rebalance production to prioritize demand over supply,” said Stroll.
© Thomson Reuters 2020
Last edited by philf1fan; 02-01-2020 at 12:01 PM.
Interesting news but I really don't want to see Lance in a James Bond suit when the new movie starts playing next year.
We can all hope that daddy Stroll will be a good businessman and dump his son or give him another role in the team if the team gets better and he still underperforms.
As said, Lance is not bad for a pay driver and his future will depend on wether Force India Racing Point Aston Martin Stroll will improve its performance
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I haven't been following as much recently, but only enough to know that my dad is a total slacker for not being a billionaire. I'll have to have a talk with him about it soon...
Smooremin: "Dont worry. My corset really fills me out ."
Sold Over Sticker: "The only difference between innuendo and flirting is the desired result. "
KidL: "Dammit, Chippy! You're making bad choices!"
For all the Alonso haters look like Kimoa i mean Karma bit him in the butt... No more Indy unless he finds another team with a chevy powered car.
According to a report from RACER, Michael Andretti had lined up an array of sponsors to support a sixth Andretti Autosport entry, with Alonso on-board.
But the deal has apparently stumbled at the last hurdle, with RACER contending that Honda Performance Development in the US failed to get "final clearance" from the Japanese manufacturer's Tokyo headquarters.
Honda's top brass has obviously not forgotten Alonso's incessant criticism of its engines during its ill-fated three years with McLaren from 2015 to 2017.
i mean you guys have your reasons, and you arnt forced to give anyone, or forced to have a customer buy your engines.
but honda is looking like the ass here.
Another piece of this puzzle is that HPD (America) agreed to let Alonso drive for Andretti Autosport. It was HGH (Japan) that said no. You can only talk **** about your benefactor so long before they clam-up and cut ties. Like I said in the IndyCar thread; The Japanese take pride and respect to their graves.
* My contributions are not representative of American Honda
I'd love to see Alonso back in Indy. If it's in a Chevy so be it. It'd be epic to see him win it.