Aston Martin has reportedly sold a 16.7% stake to billionaire Lawrence Stroll, according to AutoCar.co.uk. The amount he invested equates to around $239 million USD and it’s part of an investment package that’s around $660 million. Autocar detailed some of the key points of the deal. As part of this deal, Stroll will become Aston Martin chairman while Andy Palmer will stay on as CEO. They also report that cutbacks to jobs and costs will follow. Interestingly enough, specific model production timing was announced: the Valkyrie will launch this year and the Valhalla will follow. Aston Martin will suspend the Electric RapidE project and delay the Lagonda launch until 2025. Furthermore, Stroll’s “Racing Point” F1 team will now be rebranded as Aston Martin from 2021.
Who is Lawrence Stroll? He’s a Canadian billionaire who has a net worth of around $2.6 billion according to Forbes. He has also invested in fashion companies like Tommy Hilfiger and Michael Kors. His last name may be familiar to you and that’s because his son, Lance Stroll, races in Formula One.