Published: Fri, December 06, 2019
Sport | By Kayla Schwartz

Billionaire Lawrence Stroll seeks big stake in Aston Martin

Billionaire Lawrence Stroll seeks big stake in Aston Martin

Reports circulating this morning are suggesting SportPesa Racing Point could be set for a rebrand with Lawrence Stroll being linked to buy-in at Aston Martin.

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, father of Formula 1 driver Lance and owner of the Racing Point F1 team, is estimated to be worth in excess of £2 billion, having made his money investing and building up brands including Pierre Cardin, Ralph Lauren, Tommy Hilfiger, Asprey and Garrard. Its majority shareholder, Strategic European Investment Group, part of the Italian private equity group Investindustrial, now holds around a one-third holding in the company.

Aston Martin declined to comment and Racing Point said Stroll was unavailable for comment.

Aston Martin's share price now hovers around 5 British pounds (approximately $6.57), down from a high of about 16 British pounds shortly after the IPO.

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He now owns the Circuit Mont-Tremblant race track in his native Quebec, and purchased the Force India F1 team in 2018, rebranding it as Racing Point.

Aston Martin is title sponsor of the Honda-powered Red Bull team, former world champions who won three races this year with Dutch 22-year-old Max Verstappen, but Mercedes' parent Daimler has a small stake in the carmaker.

The Silverstone-based team, which uses Mercedes engines, finished seventh overall this season but is planning a factory expansion.

Thanks to a fall in demand from China, as well as costs associated with developing the DBX, Aston Martin has recently posted an £80 million ($152 million) loss for the first half of the year, and took on an extra £120m ($229 million) of debt at the eye-watering interest rate of 12 per cent.

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