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Lawrence Stroll has issued a defiant response to recent speculation he could sell up and quit Aston Martin.
Owner Stroll recently sold an unconfirmed minority percentage stake in AMR Holdings GP Limited, the F1 team’s holding company, to Dallas-based private investment firm Arctos Partners.
At the time, there was speculation Stroll, who bought the team then known as Force India in August 2018, was ready to walk away with the team valued at US£1 billion (AU$1.55bn), representing a considerable profit on his initial outlay over five years earlier.
Stroll, though, is adamant he is not leaving.
“I don’t know where that speculation came from,” said Stroll, speaking in an interview with The New York Times. “I’ve read it in one or two publications recently.
“You don’t go spending hundreds of millions of pounds, building the greatest new Formula 1 campus, if you’re about to leave the business, and you don’t go hiring another 400 of the greatest employees if you’re about to leave the business.
“I’ve proven through my commitment, and it could not be any further from the truth, that I have any interest in ever not being the majority shareholder of this team for a very, very, very, very long time, and it is the same with the road car company.
“I plan to run these businesses for many, many years. I’m at the beginning of the journey on both.”
Stroll was also insistent that the minority stake sale to Arctos was a one-off, and that he would not be seeking further investment, despite the fact one of Aston Martin’s title partners in Saudi Arabian oil and gas giant Aramco could purchase 10 percent of the team under the terms of its agreement with the team.
“That’s true, but we’re not open for anymore (investment),” asserted Stroll. “I always want to stay the majority shareholder. That will never change.
“When I say never, one day, but certainly not in the next 10 years, if I could put it in that duration. Hopefully longer.
“I’m not getting any younger each day. I feel younger, but I’m not getting any younger. But I’m not going anywhere.”
Stroll chose Arctos given that the company has a strong track record in sports investment. It also has a stake in Major League Baseball club, Boston Red Sox, and the Fenway Sports Group, owner of the English Premier League football club Liverpool.
“It made great sense to take them as a minority partner for what they bring to the business,” said Stroll.
“They add value, and particularly in America with all their investments with their other sports teams. There have to be some financial synergies and commercial opportunities that we could do together through sponsorship, marketing, etcetera.
“So that was the motivation for letting them buy a minority stake. Great reputation, American-based, super people who are very aligned with my vision of a very long-term future.”
