Racing Point is owned by billionaire Lawrence Stroll and a consortium of his close mates, and while the Pinks have not been plug-and-play this season, the owners intend transforming the former Force India team into winners.
With a nod to their roots in Canada, the team was officially launched in Toronto as Sportpesa Racing Point and big plans are on the cards for the Silverstone based outfit.
Although it is well known that the team was bought to provide Lance Stroll a decent car (unlike the Williams he drove last year) in which he can shine. However, the journey to recovery from the shambles of their previous owners to respectability is ongoing.
Ahead of this weekend's Canadian Grand Prix, Stroll senior explained, "We first wanted to restore the financial stability of the team and give the engineers the means to develop the car."
"For now, we want to continue fighting in the middle of the pack, aiming for fourth place in the constructors' standings. In the longer term, the goal is to be one of the best teams in the paddock and aim for victory."
While cash-strapped Force India were always able to deliver beyond their means for their drivers, this year the team has slipped down the pecking order as part of the inevitable hangover from the Vijay Mallya era.
Stroll continued, "In 2018 they did not have all the funds necessary to prepare the car for this year. We knew that the first races would be difficult, but we will try to make changes faster than the other teams. Maybe not as fast as the big teams, but as fast as we can."
Although Stroll senior assures that the team will now have sufficient financial resources to compete with success, the setbacks of recent years have resulted in delays, both in the development of team structures and with the cars.
There is clearly a need to make up for lost time and it's not just about money.
Team principal Otmar Szafnauer knows his mandate, "My priority for the next few years is to produce the fastest car possible while making the team the best place to work."
"To this end, the construction of a new factory will be very important and we hope to be able to get there in time for the 2021 season," added Szafnauer.
Although his fortune is estimated at $2,6-billion, Stroll could hardly have acquired the F1 team on his own, but instead roped him heavy hitting associates to back the enterprise:
- André Desmarais, Chief Executive Officer of Power Corporation, a Canadian company with interests in financial services, communications and energy, with investments in a wide variety of companies.
- Jonathan Dudman, from Monaco Sports and Management, an IMG-based company that represents athletes and other celebrities. Lance Stroll is one of their clients.
- John D. Idol, fashion entrepreneur, who has led brands like Polo Ralph Lauren and DKNY. Associated with Lawrence Stroll, he took the direction of Michael Kors in the early 2000s.
- John McCaw Jr., telecommunication investor. He has been a shareholder in several sports teams (Seattle Mariners, Vancouver Canucks and Grizzlies), and owns the PacWest team in the IndyCar series.
- Michael De Picciotto, director of the private bank founded by his family. He has also been managing Engel & Völkers real estate company for several years.
- Silas Chou, investor in fashion. He has also been a partner of Lawrence Stroll for several years and they have worked together to revive brands like Tommy Hilfiger and Michael Kors.
Big Question: Can Lawrence turn Racing Point into a winning team?
https://www.grandprix247.com/2018/11/30/lawrence-stroll-hopefully-we-can-fight-for-that-third-place/
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