F1: Aston Martin raises another $664M from Saudis (Update)

Aston Martin shares plunged 64.2 percent yesterday and by 7.44 percent so far today..

How much longer before they can no longer support their back marker Formula 1 effort and Lawrence Stroll has to sell the team?

Both he and his son Lance were spotted with some long faces at Monza.

Hmm……..

Aston Martin is raising $663.6 million in a rights deal.

• The company is leaning on existing investors, including Saudi Arabia’s Public Investment Fund. Previous reports said that the PIF would invest around $93 million.
• The rights issue makes the PIF one of the company’s largest shareholders.
• Mercedes-Benz and Aston Martin chairman Lawrence Stroll’s Yew Tree also invested.

In July, Aston Martin rejected a $1.5 billion investment offer from Investindustrial and Geely that would have seen those two companies take control of the luxury carmaker.

Aston Martin F1 broke ground last year on a $200 million facility in Silverstone, England, that will house the entire manufacturing process for its racing team.

Team boss Mike Krack has raised the possibility that the brand could become an F1 engine supplier in 2026, when new regulations that promote clean fuel and sustainability kick in.

Mercedes, Ferrari, Renault, and Honda currently supply engines, and Audi has committed to doing so starting in 2026. Red Bull plans to follow by employing its Red Bull Powertrains unit, with or without Porsche.