As part of the investment, Stroll will join the Aston Martin board in the role of executive chairman, with the consortium also gaining the right to appoint a second board member.

What the Stroll deal means for Aston's future product plan and F1

According to the Aston Martin release, the current technology partnership between Aston Martin and Red Bull Advanced Technologies “will continue until Aston Martin Valkyrie is delivered.” There had been questions as to wether the partnership between the two firms on the hypercar would continue with new investors in place, and it is unclear if Red Bull's involvement in the mid-engined Valhalla project will continue unabated.

Aston Martin currently sponsors the Red Bull F1 team – and will continue to do so in 2020 – but has thereafter agreed a 10-year deal under which Racing Point will become the official works Aston squad. The deal includes a five-year sponsorship agreement starting in 2021.

Stroll has also been linked to a deal to buy the Mercedes works team from the manufacturer at the end of this season, as first reported by Autocar. The German firm is understood to be considering the future of its F1 arm beyond the coming season. It is believed today's deal does not necessarily mean Stroll is out of the running to buy the squad.

Due to Aston Martin’s recent struggles, the firm has also agreed a ‘reset business plan’ to raise its performance, which includes both cash generation and changing its product plan. The reset plan includes delaying investment in electric vehicles until beyond 2025, including delaying the relaunch of the Lagonda brand – scheduled for 2022 – until after that date. The Rapide E electric car project has been “paused pending a review”.

There remains a commitment to deliver on its range of mid-engined cars currently being developed, starting with the Valhalla in 2022.

The immediate priority will be on launching the DBX later this year, with the firm saying it has received 1800 orders to date. It will then update the Vantage in the Spring - including with a Roadster version – and start Valkyrie deliveries later this year. The firm will also seek to trim costs by £10 million per year.

The mid-engined Vanquish will now be revealed after the Valhalla in 2022, while the firm will also develop a “fuel efficient, modular V6 engine with hybrid capabilities”, due to be introduced from the mid-2020s.

The firm also says special models will continue to be a key part to its plan, with one ‘heritage special’ and two ‘contemporary specials’ delivered each year.

Who is Lawrence Stroll, and who owns Aston Martin?

Stroll, father of Formula 1 driver Lance, is estimated to be worth in excess of £2 billion, having made his money investing and building up brands including Pierre Cardin, Ralph Lauren, Tommy Hilfiger, Michael Kors, Asprey and Garrard. The 60-year-old, born Lawrence Strulovitch, grew up in Montreal, Canada, and now mostly lives in Switzerland.