Aston Martin has officially announced it will return to Formula 1 as a full team next year when it takes over Racing Point.

The car manufacturer previously competed in F1 60 years ago. The moves to bring the brand back to grand prix were first revealed by RaceFans in December last year

The car manufacturer’s shareholders gave formal approval on Monday to an investment of £260 million from Racing Point team owner Lawrence Stroll towards a total fundraising of £536m in the business.

“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” said Stroll. “I think it’s the most exciting thing that’s happened in recent memory in Formula 1 and it’s incredibly exciting for all stakeholders in the sport, especially the fans. I can’t think of a better name for a Formula 1 team.

“Our investment strategy places Formula 1 as a central pillar of the global marketing strategy, and it makes perfect sense to rebrand Racing Point for this purpose. Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula 1.

“The global spotlight of Formula 1 is second to none and we will leverage this reach to showcase the Aston Martin brand in our key markets.”

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Aston Martin’s participation in F1 will also create the opportunity for “technology cross-over” with its road cars, said Stroll.

“I’m incredibly excited to see what technology can filter down from the racing programme into the road cars. This will be particularly relevant for the mid-engine road cars that will be launched in the future. There will be a genuine collaboration to ensure that our road cars share the DNA of our success on the track as well.”

Stroll’s deal to invest in the company was announced two months ago. Since then the global pandemic has badly disrupted the start of the 2020 F1 season.

However Stroll said the situation has not jeopardised his plans to bring Aston Martin into F1.

“I don’t think there is any area of life or business that hasn’t been touched by this devastating pandemic and the racing community is certainly adapting as best it can,” he said. “Of course, as racers, we are all very frustrated not to be competing, but we all understand the bigger picture in this global fight and so we stay at home.

“The team is also supporting Project Pitlane to help accelerate the production of ventilators. In the meantime, we can rely on video conferences to keep our plans for 2020 and 2021 moving forward. I am committed to Formula 1 with a long-term vision and this is just a temporary pause in the journey.”

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2020 F1 season