Mercedes F1 team principal Toto Wolff isn’t letting the postponed F1 season get in the way of his business ventures and recently purchased a stake in Aston Martin.
BBC Sport reports that Wolff has purchased a stake of just under 5 per cent in Aston Martin which will become 0.95 per cent after a rights issue. It is understood the businessman and executive bought nearly 14.5 million shares, giving him a shareholding worth approximately £7.975 million ($9.9 million) at current prices.
News of Wolff’s investment in Aston Martin comes shortly after Canadian billionaire Lawrence Stroll announced a consortium led by him will invest £536 million (US$659 million) in the British car manufacturer.
Read More: Aston Martin Secures $660 Million Investment From Lawrence Stroll, Needs More Money
Stroll is the current owner of the Racing Point F1 team and in 2021, the team will be rebranded as Aston Martin.
Following the investment from Wolff, it is looking increasingly apparent that Aston Martin could effectively become the Mercedes B team in Formula 1. Many other teams across the grid are already uncomfortable about the apparent closeness between Racing Point and Mercedes. This became particularly apparent during pre-season testing this year when it was revealed that the Racing Point car to be used for 2020 is very similar to last year’s Mercedes.
With a host of new investment filling it with cash, Aston Martin continues to ready the DBX for production. Company chief executive Andy Palmer recently add that the marque remains committed to launching the mid-engined Valkyrie, Valhalla, and Vanquish in the coming years and will roll out its inline-six engine to a host of models.
