A big name in Formula 1 is raising money to get its balance sheet back on track.
Aston Martin is raising $663.6 million in a rights issue.
- The company is leaning on existing investors, including Saudi Arabia’s Public Investment Fund — the main backer of LIV Golf. Previous reports said that the PIF would invest around $93 million.
- The rights issue makes the PIF one of the company’s largest shareholders.
- Mercedes-Benz and Aston Martin chairman Lawrence Stroll’s Yew Tree also invested. Stroll’s son Lance Stroll drives for the Aston Martin F1 team.
In July, Aston Martin rejected a $1.5 billion investment offer from Investindustrial and Geely that would have seen those two companies take control of the luxury carmaker.
Engine Running
Aston Martin broke ground last year on a $200 million facility in Silverstone, England, that will house the entire manufacturing process for its racing team.
Team boss Mike Krack has raised the possibility that the brand could become an F1 engine supplier in 2026, when new regulations that promote clean fuel and sustainability kick in.
Mercedes, Ferrari, Renault, and Honda currently supply engines, and Audi has committed to doing so starting in 2026. Red Bull plans to follow by employing its Red Bull Powertrains unit.
Who will be driving for the team remains an open question after the retirement of F1 mainstay Sebastian Vettel.
