Aston Martin F1 respond to surprise sale announcement

Aston Martin F1 has issued a response to the surprising news the company behind its rebirth in the sport is selling its stake in the team.

It was announced on Monday morning that the car company, Aston Martin Lagonda, is making its shareholding in the F1 team available to purchase.

Executive chairman Lawrence Stroll asserted the decision would have “no impact to the long-term sponsorship agreement”, guaranteeing the name would remain on the grid.

It is a stance Stroll has reiterated in a statement from the F1 team, further allaying concerns of Aston Martin's future in F1.

The statement read: "Today’s news underscores our executive chairman Lawrence Stroll’s long-term and unwavering commitment to both Aston Martin and the current Formula One Team.

"A long-term contract is now in place to ensure the Aston Martin name remains at the pinnacle of motorsport for decades to come.

"The proposed transactions, which will see Aston Martin Lagonda (AML) sell its stake in the Aston Martin Aramco Formula One Team (AMF1), will result in Mr Stroll increasing his shareholding in AML to 33% while strengthening the company's balance sheet by over £125m.

"Mr Stroll has commissioned the investment bank Raine Group to help find a buyer for AML’s stake in the Formula One team.

"Raine will work closely with AMF1’s commercial chief Jeff Slack to secure a strategic investor who can add long-term value to the team and the brand."

In addition, Stroll said: “These moves demonstrate that Aston Martin’s place on the Formula One grid is as secure as ever.

"AML recently re-committed to its long-term sponsorship and licensing agreement with AMF1, confirming that the legendary Aston Martin brand and its British racing green colours will compete in Formula One for decades to come.”