Aston Martin Owner Lawrence Stroll Sells F1 Team Stake at £1 Billion Valuation
Summary
(Bloomberg) -- With Formula 1 preparing for the Las Vegas Grand Prix, Canadian billionaire Lawrence Stroll has sold a minority stake in the Aston Martin team to US private equity firm Arctos Partners. None Hamas Mastermind Who Tricked Israel Is Top Target in Gaza Tunnels None Apple Plans to Make It Easier to Text Between iPhones and Androids None Apples Effort to Replace Qualcomm Chip in iPhone Falls Further BehindThe investment by Arctos, which has a stake in the Boston Red Sox and Liverpool Football Club owner Fenway Sports Group, values the F1 team at about \xa31 billion ($1.2 billion), according to a person familiar with the deal.It is the first time Stroll has sold shares in the F1 team, which his son Lance drives for. MSP Sports Capital led a funding round into McLarens F1 team in December 2020, which also included Walmart heir Rob Walton, Bloomberg News reported last month. The group has since carried out multiple capital raises, bringing in investors such as Saudi Arabias Public Investment Fund.Let me make it very clear, the team does not require money, we are profitable, Stroll said in the interview with Bloomberg TV.The terms and the valuation of the F1 deal, which is expected to close by the end of the year, were not disclosed. None Why Americas Wind Power Failures Are Good for GE None The Impact and Cost of Musks Endorsement of Antisemitism on X None The Share of Americans Who Are Mortgage-Free Is at an All-Time High None At REI, a Progressive Company Warns That Unionization Is Bad for Vibes