Aramco has the right to buy back some of the Aston Martin shares

Aramco has the right to buy back some of the Aston Martin shares

Oil company Aramco has an option to buy a 10% stake in the Aston Martin Formula 1 team, according to the 2021 financial report published by Formula 1 management team AMR GP Limited.

In early 2022, Saudi Arabia’s national oil company announced a partnership with Aston Martin to become a fuel and lubricants supplier. The mention of Aramco appeared in the official name of the British team. The parties agreed, among other things, to jointly develop high-performance combustion engines for production cars and to refine hybrid power plants for racing series.

Aramco has so far not exercised its right to buy shares in Aston Martin, but if it does, it will become the first Saudi Arabian company to at least partially own a Formula 1 team. seriously spending money on sponsoring major sporting events to improve his image on the world stage.

The published report outlines the ambitions of Lawrence Stroll, Aston Martin’s main shareholder. Although the car company posted a loss of £43 million in 2021, it has serious plans to expand production. Last December, the company received a £200 million loan to build a new factory.

The report discusses, among other things, the hiring of new employees in the Formula 1 team. Former head of aerodynamics at Mercedes, Eric Blondin, has joined the team as deputy technical director. He has even been linked to Aston Martin’s new technical director Dan Fallows, another aerodynamic specialist who came over from Red Bull Racing.

Source: F1 News

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