Aston Martin’s rebrand of the Racing Point Formula 1 team will go ahead as 𓄧planned in 2021, despite con𒐪tinued uncertainty and concerns over the car company’s financial situation.

A consortium🍃 led by Canadian business and Racing Point owner Lawrence Stroll bought a stake in Aston Martin in January, which will see the British luxury sportscar manufacturer return to F1 as a fully fledged works outfit.

The firm has been struggling fꦺinancially recently and has been hit hard by the impact of the ongoing coronavirus pandemic, but 🥃it was hoped Stroll’s investment would help alleviate those fears.

On Monꦦday, the shareholders of Aston Martin Lagonda approved a £536million fundraising, underpinned by an injection of £260m of new capital from Yew Tree Consortium – the group of investors led by Stroll, who will now become executive chairman of💙 Aston Martin.

A statement was then𓆉 released by Racing Point on Wednesday confirming that the Aston Martin collab🍸oration for 2021 will take place as expected.

Stroll said he believes the alliance marks the “most exciting th🐟in🍨g that’s happened in recent memory in F1”.

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

“I think it’s the most e💙xciting 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 Ra✃cing 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 Formul🍃a🧸 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.”

The Aston Martin team will continue to operate from Racing Point’s cu☂rrent base in Silverstone, though it has plans to expand the facility in theไ coming years.

Stroll also played down concerns amid uncertainty caused by the COVID-19 crisis - which has delayed ಌthe start of the 2020 F1 season - adding it is just a "tempor🔯ary pause in the journey". 

“I don’t think there is any area of life or business thಞat hasn’t been touched by this devastating pandemic and the racing community is certai🀅nly adapting as best it can," Stroll said.

"Of course, as racerꦆs, 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 𓆉just a temporary pause in the journey.”