The Aston Martin Formula 1 team “will need to be competitive from the outset”, says Racing Point owner Lawrence Stroll.

Racing Point’s rebrand into an Aston Martin works outfit from 2021 was officially confirmed this week after Stroll’s Yew Tree Consortium invested £260 million into Aston Martin Lagonda, with the Canadian businessman becoming Executive Chairman of the firm on Monday.

Following the news, Stroll issued a statement of intent for the Aston Martin project, insisting it needs to make significant progress from its current position within F1’s midfield pack.

“With the Aston name comes more pressure and expectation,” Stroll said.

“We will need to be competitive from the outset. But I have no doubt the team at Silverstone will rise to the challenge and do the Aston Martin name proud.

“We are continuing to invest in the team to give everybody the resources required, and we will see the benefit of those efforts this year as Racing Point.”

The luxury British sportscar maker will have its own F1 team for the first time since 1960, and Stroll believes Aston Martin’s return to the sport in the “most exciting thing that’s happened in recent memory”.

“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” he explained.

“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.

“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.”