Formula 1 News: Aston Martin team not set to be sold

(GMM) Aston Martin’s commercial boss Jeff Slack has denied the Formula 1 team is set to be sold as it was bought so the boss’ son could race.

It’s not the first denied sale rumor this year, but the latest follows the transfer of a slice of Lawrence Stroll’s team to venture capital firm Arctos, also with key interests in Liverpool FC and several NBA and NHL franchises.

The Silverstone based team’s commercial managing director Jefferson Slack, however, insisted that billionaire Stroll, whose son Lance races for Aston Martin, is “going nowhere”.

“Lawrence also has something called Aston Martin Lagonda,” he is quoted by the Spanish newspaper Diario Sport, referring to the luxury carmaker parent.

“That (company) is also a very important part of his life,” Slack added.

“The Formula 1 team is the marketing platform for Aston Martin Lagonda. And of course Lawrence is obviously a very rich guy. It’s not a question of capital,” he said.

Rather, Slack said it’s a strategic alliance that will help the F1 team take the next step towards victories and titles. The minority sale led to estimates of a billion-dollar valuation for the UK-based outfit.

“They (Arctos) are never controlling Aston Martin,” he explained. “They never own and operate anything, it’s just minority stakes. They are never going to own this team.

“If Lawrence was trying to sell to someone who could ultimately take over control, these would be the last people you would sell to,” Slack added.

“This gives us the right financial partner to do what we need, and invest how we need. It’s not that Lawrence couldn’t do it alone, but now he has a real partner who make a living from it.”