Stroll seeks big stake in Aston Martin
LONDON • Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the luxury sports carmaker’s battered shares up 17 per cent on Thursday.
Aston Martin, the drive of choice for fictional British secret agent James Bond, has seen its shares slump since its flotation in October 2018 as sales have failed to meet expectations.
Stroll, who is the father of Formula One driver Lance Stroll of Montreal, is heading a consortium looking to take a “major shareholding” in the British company, Autocar and the racefans. net website reported on Thursday.
Racefans. net said Racing Point could be rebranded as Aston Martin if Stroll succeeded in taking a controlling stake.
Aston Martin declined to comment and Racing Point said Stroll was unavailable for comment.
As the car industry consolidates through deals such as the Peugeot- Fiat merger, Aston has said it does not need to belong to a bigger automotive group, pointing to the success of stand-alone rival Ferrari.
But the sale of a stake could help boost the company’s prospects as it seeks to turn around a poor performance, which pushed it to a 92.3-million pound ($118.4 million) loss in the first nine months of the year.
Stroll, a collector of vintage Ferraris, has been involved in Formula One and motor racing for years and also owns Canada’s Mont Tremblant circuit in Quebec.
He made his money through investing in fashion brands such as Tommy Hilfiger and Michael Kors, but came to wider prominence in motor racing circles after bankrolling his son’s career.
Lance Stroll, 21, moved to Racing Point from Williams this season after a consortium led by his father bought the Force India team, which was co- owned by financially troubled Indian magnate Vijay Mallya and had fallen into administration.
The Silverstone- based team, which uses Mercedes engines, finished seventh overall this season but is planning a factory expansion.