The Aston Martin F1 team has been valued at a whopping £2.4 billion ($3.2 billion) following its latest stake sale.
Earlier this year, the Aston Martin company declared its intention to sell its shares in its F1 team.
A sale of the minority stake has now been agreed at a figure of £110 million, but the buyer has not yet been confirmed.
According to Bloomberg, Aston Martin CEO Adrian Hallmark stated that a binding letter of intent has been signed with the buyer at a £2.4 billion valuation.
The huge estimation further highlights the growth F1 and its teams have undergone in recent years and the continued demand to invest in the sport.
F1 saw a spike in popularity following the successful release of the 'Drive To Survive' docu-series on Netflix.
The Aston Martin F1 team is owned by Lawrence Stroll, who took over the Silverstone-based squad midway through 2018 when it was known as Racing Point.
After taking over the global Aston Martin company in early 2020, Stroll transitioned the F1 team to carry the iconic British car manufacturer's name.
Although the company has sold its F1 stake, the name of the team will remain unchanged through a long-term commercial agreement in place.
Aston Martin is currently enduring a difficult F1 campaign but is hopeful about its chances for 2026 when new technical regulations will come into play.
Next year's car is being constructed by Adrian Newey, one of the most successful car designers in the sport's history.
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