The Public Investment Fund of Saudi Arabia will inject massively into Aston Martin Lagonda Ltd, shareholder of the F1 team.
As prestigious as it is, the English manufacturer of Grand Touring cars Aston Martin is in bad shape, and this is nothing new: the stock market has collapsed in recent months, losing two thirds of its value and a plan rescue has just been launched.
Led by Canadian billionaire Lawrence Stroll, Aston Martin Lagonda is suffering from disappointing sales of its DBX SUV (pictured above) which was supposed to put the accounts back in balance.
To deal with record indebtedness, Aston Martin appealed to the Saudi PIF (Public Investment Fund), controlled directly by the master of Ryad Mohammed Bin Salman, better known by his initials “MBS” of sinister reputation…
Saudi Arabia will thus contribute to a capital increase of 653 million pounds sterling which will see the other shareholders Yee Tree (Stroll’s holding company) and Mercedes diluted to 18.3% and 9.7% respectively.
At the same time, the Formula 1 team Aston Martin Racing will benefit from increased support from the oil company Aramco, its main sponsor, which might finance an engine in view of the new regulations by 2026.
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