BREAKING: Andy Cowell Rejects Concerns Over Aston Martin F1 S…read more
Andy Cowell Dismisses Concerns Over Aston Martin F1 Stake Sale
Aston Martin F1 team principal Andy Cowell has reassured that operations will continue as usual, despite the upcoming sale of a stake in the team.
Cowell addressed any potential concerns, emphasizing that there will be no disruptions. “No worries, business as usual. This move demonstrates Lawrence [Stroll]’s deep commitment to both Aston Martin road cars and the Formula 1 team. That dedication has been steadfast for years, and Aston Martin will remain in F1 for a long time,” he affirmed.
Aston Martin plans to sell a stake in its F1 team valued at approximately £74 million. Lawrence Stroll, a key stakeholder, reiterated his long-term dedication to the brand, stating: “I am pleased to reaffirm my unwavering support and commitment to Aston Martin. Since 2020, my Yew Tree Consortium partners and I have invested around £600 million into the company.
“This planned investment highlights my strong belief in this exceptional brand and my commitment to ensuring Aston Martin has a solid foundation for sustained growth. By reducing equity dilution through this premium subscription, shareholders can be reassured, as I further increase my long-term stake in the company.”
Stroll aims to expand the Yew Tree Consortium’s ownership share to 33%. “This proposed investment, offered at a premium to the market price, along with the planned sale of Aston Martin F1 team shares at a premium to book value, is expected to generate over £125 million in additional liquidity for the Group,” he explained.
He also underscored the significance of a long-term sponsorship agreement that secures Aston Martin’s presence in Formula 1 for the foreseeable future. “With an extended contract allowing the team to carry the Aston Martin name, our brand will continue to compete at the highest level of motorsport for decades to come.”
Although the 2024 season has been challenging, with no podium finishes, the team remains optimistic about the future. The recent addition of legendary designer Adrian Newey and the completion of a state-of-the-art wind tunnel signal promising developments for the British Racing Green outfit.
