• Loading stock data...
Friday, March 29, 2024
2024 Best Venues nominations are open now through April 8! Submit Now

Aston Martin to Raise $777M with Help of Saudi PIF

  • The Saudis’ Public Investment Fund is investing roughly $93 million.
  • It will also take part in a $687 million rights issue.
Aston Martin competes in Formula 1. Honda will join the team in 2026.
David Kirouac-USA TODAY Sports

Aston Martin has received an investment from Saudi Arabia’s sovereign wealth fund, part of a $777.5 million raise to help the car brand that returned to Formula 1 last year alleviate debt.

The luxury carmaker is raising fresh capital to revive its image as a brand — after  approaching bankruptcy — with investments in electronic tech, the development of new models, and F1. 

  • The Saudis’ Public Investment Fund is investing roughly $93 million.
  • It will also take part in a $687 million rights issue.
  • The transactions will make the wealth fund Aston Martin’s second-largest shareholder.
  • Mercedes-Benz will also contribute $67 million to the raise. 

Aston Martin will use up to half of the capital raised to pay down debt, which incurs roughly $155 million in interest a year. The public limited company reported an operating loss of $57 million in Q1 2022, up from a loss of $18 million for the same period a year prior. 

Its market value reached $517 million last week, down substantially from $2 billion at the start of 2022. 

New Home 

Aston Martin’s F1 team — backed by billionaire Lawrence Stroll, who became the brand’s executive chairman after leading a $235.6 million investment in 2020 — is building a new manufacturing and racing facility in England slated to open by late 2023. 

Billed as F1’s first “smart” facility, the complex will cost between $207 million and $276 million.

The 400,000-square-foot campus will house Aston Martin’s entire manufacturing system.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Top 10 Highest-Paid Formula One Drivers for 2024

Red Bull Racing’s Max Verstappen tops the list with $70 million.

Felipe Massa Files Lawsuit Over 2008 F1 Title Loss

Massa is seeking $82M over Crashgate, which cost him money and deals.

F1 Team Values Are Surging. How High? That’s Debatable

Each of the 10 teams is worth at least $1.3 billion, says McLaren’s CEO.

FIA President Under Investigation for Alleged F1 Race Tinkering 

Mohammed Ben Sulayem is being scrutinized for his role in overturning a crucial penalty at F1’s 2023 Saudi Arabian Grand Prix. 
podcast thumbnail mobile
Front Office Sports Today

Why the Timberwolves Sale was Called Off

0:00
0:00

Featured Today

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.
March 27, 2024

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.
March 26, 2024

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S
March 24, 2024

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers

Planned Timberwolves, Lynx Sale Turns Bitter As Taylor Pulls Teams Off Market

The current majority owner claims that Rodriguez and Lore failed to meet the latest deadline.
March 20, 2024

A-Rod and Lore’s Timberwolves Ownership Plans Still on Track

The duo currently owns 40% of the NBA team and its WNBA counterpart.
March 28, 2024

Alex Rodriguez–Led Bid for Majority Control of Timberwolves Falls Through

Minnesota owner Glen Taylor said the team was no longer for sale.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
Manchester United stadium Old Trafford as viewed from above.
March 19, 2024

Another Wall Street Giant Wants a Piece of Sports

The investment bank forms a new team devoted to sports deals.
March 4, 2024

Drake, LeBron James Make PGA Tour Investment

The rapper and NBA star will try to boost the PGA Tour, despite not having a strong association with golf.
Commanders
February 28, 2024

FedEx Field No Longer, Commanders’ Stadium Will Get New Name

The Commanders must stay in Landover through 2027.
Josh Harris
February 28, 2024

Josh Harris, David Blitzer Set to Part Ways with Steelers Stake

Harris’s purchase of the Commanders prevents him from keeping the Steelers’ stake.