LONDON: Following a board meeting to raise funds, billionaire Lawrence Stroll has decided to take a stake in ailing carmaker Aston Martin.
The British car brand that's famed for being fictional secret agent James Bond's car of choice, the 107-year old company's share price has plummeted since floating in October 2018.
Although it was reported that Chinese carmaker Geely and Canadian billionaire Lawrence Stroll were each offering to invest 200 million Sterling pounds (RM1.1bil) in return for 20% of the firm and a place on the board - the British carmaker ultimately opted to go with Stroll instead.
Chief Executive Andy Palmer said that Stroll and the consortium he will lead brings several benefits to the automaker which includes his experience and access to his Formula One team.
Stroll, made his money through investing in fashion brands such as Tommy Hilfiger and Michael Kors, and has been involved in Formula One and motor racing for years and also owns Canada’s Mont Tremblant circuit in Quebec.
Under Friday’s agreement, Aston Martin said Stroll’s Racing Point will become the Aston Martin F1 works team from the 2021 season.
Stroll will join the board as executive chairman, replacing Penny Hughes, who will step down.