Friday September 22, 2023
The Best Employers in Sports Survey is Now Open!

Aston Martin Leans on Saudi PIF in $664M Fundraise

  • Aston Martin is bringing in funding as it invests heavily in Formula 1.
  • The rights issue will make Saudi Arabia's PIF one of its top shareholders.
Aston-Martin
John David Mercer-USA TODAY Sports
Front Office Sports Today

Could Promotion-Relegation work in College Football?

The proposal aims to create an exciting media product while reducing travel for non-football sports.
Listen Now
September 21, 2023 | Podcast
Linkedin
Copy Link
Link Copied
Link Copied

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.

Linkedin
Copy Link
Link Copied
Link Copied

What to Read

LIV Golf flag pin

Saudi Prince Dismisses Sportswashing Claims Post Newcastle, LIV Golf

Saudi Arabia’s Crown Prince Mohammed bin Salman is bullish on sports.
Sponsored

How Daktronics Helps Elite Athletic Programs Secure Top Talent

How colleges are utilizing Daktronics' displays to elevate recruiting.

WBD Pursues ‘Different’ Strategy For Sports on Max

Company to place all of its live sports on new streaming tier
Deion Sanders

Colorado's Epic Victory Sets New ESPN Prime Time Viewership Record

Coach Prime Deion Sanders delivered in prime time on ESPN.
podcast thumbnail mobile
Front Office Sports Today

Could Promotion-Relegation work in College Football?

0:00
0:00

Featured Today

Teams without secured venue situations could be left out of a potential XFL-USFL merger.

XFL-USFL Merger Could Drop Teams, Change League Name

Teams without secured venues could be cut from a XFL-USFL merger.
September 21, 2023

Rupert Murdoch's Exit Leaves Lasting Fox Sports Legacy

Rupert Murdoch steps down as chairman of Fox Corp. and News Corp.
Could ESPN lose events such as the NBA Finals if it sold ABC.
September 21, 2023

Selling ABC Poses Billion-Dollar Dilemma for Disney and ESPN's Future

Losing ABC would create complications as ESPN enters NBA rights negotiations.
Boise State Broncos running back Ashton Jeanty (2) runs the ball against the North Dakota Fighting Hawks during the first half at Albertsons Stadium.
exclusive
September 20, 2023

The First Official Proposal for Promotion-Relegation In College Football

Realignment is forcing Group of 5 schools to rethink their structure.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
Chicago
Fanatics
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations

TKO Makes First Big Move After WWE-UFC Merger

Investors drop TKO shares by 15% following SmackDown rights deal
September 15, 2023

Goldman Sachs Opens Door For Clients To Invest In Sports Teams

Firm initiative opens new opportunities for wealthiest clients
An Everton player displays shirt sponsor Stake.com, a gambling company, during a match.
September 15, 2023

Everton Acquisition By 777 Partners Extends U.S. Presence in Premier League

American entities now control half of Premier League clubs
September 12, 2023

TKO $21B Merger Closes With Aggressive Ambitions

Newly created company looks to accelerate existing growth trajectory
CAA
September 7, 2023

Pinault Completes Landmark $7B Acquisition Of CAA

Major talent agency now in control of French billionaire
PFL Bellator
exclusive
September 1, 2023

Professional Fighters League in Discussions to Acquire Bellator

The Professional Fighters League is seeking to purchase Bellator MMA.
CAA logo on side on building
August 31, 2023

French Billionaire Nears $7B Deal For Talent Agency CAA

Pinault showing confidence in agency business despite existential challenges
August 24, 2023

Everton Woes Continue After $190M Deal with MSP Sports Capital Collapses

Last-place Premier League club faces range of troubling issues