Aston Martin is to sell a portion of their Formula 1 team to the multi-billion dollar private investment firm Arctos Partners.
The Silverstone-based team has not disclosed how much the share was bought for or even how big the percentage was but has confirmed it is a minority shareholding in AMR Holdings GP Limited only, and not parent company Aston Martin Lagonda. Aston Martin predicts the deal to be closed by the end of the year.
According to the Financial Times, the investment would value the F1 team at £1 billion.
It is the first time Aston Martin has taken on new investors under their current guise with the team’s origins dating back to 2018 when Canadian billionaire Lawrence Stroll led a consortium of investors to takeover existing outfit Force India, renaming it Racing Point.
In 2020, Stroll invested £182 million into the Aston Martin car company, becoming executive chairman, and the F1 team was renamed Aston Martin for the 2021 season.
As well as the financial benefit, Aston says Arctos will provide “deep sports industry knowledge and a robust network of influential relationships to support its continued growth.” The US-based investment firm has a number of other sporting ventures including MLB, the NBA, MLS, NHL, and European football.
Arctos has stakes in at least 20 different sports teams and disclosed assets of $6.64 billion as of the end of 2022.
Stroll said: “I am delighted to welcome Arctos Partners as a new partner and minority shareholder in the Aston Martin Aramco Cognizant Formula One Team.
“As investors in several leading sports franchises, Arctos brings deep industry knowledge, and I am thrilled that Aston Martin will be joining such a prestigious portfolio. The team has enjoyed tremendous success this season with eight podium finishes and our biggest points haul as a team, but our collective ambition is greater.
“Arctos sees the potential and value of this project as we continue to build a world-class Formula 1 team. They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects.
“We are investing in infrastructure, people, and processes, and this is the perfect time to add strength in depth with the operational expertise and strategic experience of Arctos. Together, we will continue to drive this team forward and build an even brighter and successful future.”
Stroll has poured a significant amount of money into the F1 team, most notably with a £200 million addition to their factory next to the Silverstone circuit.
The team experienced an incredible jump in performance at the start of the 2023 season but mistakes made in the development programme have found them lagging behind as the season draws to a close.
Representatives for Arctos Partners declined to comment on the financial agreement reached between AMR GP and the new investors, or just how much of a percentage of the team has been transferred.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
