Aston Martin address sale rumours following landmark £50m deal

The CEO of car maker Aston Martin has stated that chairman Lawrence Stroll has no plans to quit despite seemingly paving the way last week with a landmark deal.

In a significant move for the long-term future of the car company, the team agreed a naming rights deal that will allow it to continue competing under the ‘Aston Martin F1 Team’ name, whilst also retaining the ‘Aston Martin’ chassis designation.

The move, worth £50 million, leveraged equity for a luxury car brand severely struggling financially. What was unusual about it was that the naming rights were sold to AMR GP Holdings, a company indirectly controlled by Stroll.

According to the Financial Times, the deal unnerved investors, who felt the deal was a significant step towards him selling the car company.

Speaking to the FT, CEO Adrian Hallmark said: "I can’t speak for Lawrence directly but everything I’ve seen in the past 15 months demonstrates more commitment to this brand than probably any other shareholder in the history of this brand."

Hallmark insisted that the naming rights deal was "supportive and not an exit strategy at all".

Further questions were also raised as to whether the deal represented good value for the car company as the F1 team has paid £20m in sponsorship per year to use 'Aston Martin' on its cars.

Chief financial officer Doug Lafferty, however, has dismissed any concerns as the valuation was "independently verified", insisting it represented "a good deal" for both parties.