Aston Martin Formula 1 team reported it had agreed on an investment by United States private equity firm Arctos Partners in exchange for a minority shareholding.
Owner Lawrence Stroll has sold his stake in the team valued at one billion euros ($1.09 billion) to Arctos, a person with knowledge about the matter told Reuters.
“They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects,” Executive Chairman Stroll said in a statement on Thursday.
The F1 team is sponsored by the eponymous British luxury carmaker in which Stroll holds the largest shareholding of over 25%.
French carmaker Renault in June sold a 24% stake valued at 200 million euros in its F1 team, Alpine Racing, to an investor group which included Hollywood actors Ryan Reynolds and Rob McElhenney.
The Edge reports that the investment by Arctos, which has a stake in the Boston Red Sox and Liverpool Football Club owner Fenway Sports Group, values the F1 team at about a billion dollars, according to a person familiar with the deal.
It is the first time Stroll has sold shares in the F1 team, which his son Lance Stroll drives for. He is also the largest shareholder in Aston Martin Lagonda Global Holdings plc, the British luxury carmaker. Aston Martin’s veteran double F1 World Champion is currently fourth in the standings.
The team will be in action later today at the Las vegas Grand Prix. (Reporting by Prerna Bedi)