Aston Martin’s rebrand 🌠of the Racing Point Formula 1 team will go ahead as planned in 2021, despite continued uncertainty and concerns over the car compa🐈ny’s financial situation.

A consort♕ium 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 fledgedꦕ works outfit.

The firm has been struggling financially recently and has been hit hard by tඣhe impact of the ongoing coronavirus pa༺ndemic, but it was hoped Stroll’s investment would help alleviate those fears.

On Monday, the shareholders of Aston Martin Lagonda approved a £536milli💮on 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 then released by Racing Point on Wedne🐟sday confirming that the Aston Martin collaboration for 2021 will take place as expected.

Stroll said he believes the alliance marks the “most exciting thꦇing t🃏hat’s happened in recent memory in F1”.

“A brand withꦇ 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 f🅺or 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 pillar𝓰 of the global marketing strat𓃲egy, and it makes perfect sense to rebrand Racing Point for this purpose.

“As✱ton 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 o🐲f 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 current base in Silverstone, though it has plans to expand the facility in the coming years.

Stroll also played down concerns amid uncertainty caused by the COVID-19 crisis - which has delayed the start of t🌺he 2020 F1 seaso🍒n - adding it is just a "temporary pause in the journey". 

“I don’t think t𒈔here 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," Stroll 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 hel🐻p 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.”