The Aston Martin Formula 1 team has ditched a proposed five-year sterling retail bond to help fund its new factory because more attractive sources of financing are available, the team confirmed.
The Mercedes-powered team, owned by Canadian billionaire Lawrence Stroll, last month announced the 7.0% bond and hoped fans might participate.
Stroll told Reuters in October that the 'campus' - three buildings including a new wind tunnel - would take three years to build with an estimated cost of around 220 million pounds ($300.48 million).
He explained that the bond was "the most logical sense of financing the campus and giving the fans a chance to get involved."
An update on Monday said the company had decided not to proceed with the issue because more attractive sources of financing were available to Aston Martin for a larger amount than initially envisaged.
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