Sabtu, 16 Juli 2022

F1 team sells shares to controversial Saudis behind Newcastle takeover and LIV Golf - Express

Aston Martin said it plans to raise £653million through the investment. It is understood the Saudis will buy £78m worth of shares as part of the new deal and will also invest £575m over a separate rights issue. PIF will be entitled to two seats on the manufacturer's board. 

Canadian boss Lawrence Stroll claimed the new partnership will help accelerate the company’s “long-term growth”. However, Stroll’s own business, Yew Tree Holdings, will still remain the largest shareholder of the brand. Stroll's stake in the business will drop from 22 per cent to 18.3 per cent. 

Stroll explained: “Today’s announcement marks the latest success in the evolution of Aston Martin, the restoration of the business and balance sheet we inherited, and the acceleration of our long-term growth potential."

READ MORE: Sebastian Vettel sets deadline for retirement decision amid F1 rumours

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2022-07-16 06:48:00Z
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