Aston Martin has made a legally binding deal to sell its small share of the Aston Martin Aramco Formula One Team. Even though the team bears the Aston Martin name, the car manufacturer owns merely a 4.6% share in the company. The sale will give the struggling maker much-needed cash, but it won’t have a significant impact on the F1 team’s daily operations. Lawrence Stroll is selling his share in the Aston Martin Aramco Formula One Team. Stroll is the owner of the British luxury sports car brand Aston Martin. In fact, Aston Martin Lagonda Global Holdings PLC has chosen to sell its Formula One team stake. The news was made official earlier this week when the company signed a legally binding statement of intent with a buyer. PlanetF1 said that Yew Tree Investments, the group led by Stroll, is ready to raise its ownership stake from 26.77% to 33.3%, even though a formal buyer has not yet been found. This number fits with claims that the car company’s $146 million stake in the Formula One team was worth 4.6% of its $3.2 billion value. Hagerty says the money comes at a very important time for Aston Martin’s car-making business, since the company just warned of a drop in profits on July 30. The company attributed the slowdown to China’s economic slowdown and US taxes. This year, Aston Martin will barely break even. Fans of the sport won’t have to learn a new F1 team name because of this, though, because the Aston Martin name will be kept in any long-term business deals.
