Aston Martin to part company with Red Bull Racing

Racing Point owner Lawrence Stroll's purchase of 16.7 per cent of the company will see his team renamed Aston Martin Formula 1 from 2021.

A statement from Red Bull Racing said: "We thank Aston Martin for their support over the past four years in which time we have achieved 12 wins, 50 podiums and six pole positions together.

"We wish Aston Martin’s employees and shareholders all the best for the future and our focus remains on working together throughout the 2020 season and ending our partnership on a high."

Red Bull Advanced Technologies will continue to work with Aston Martin in order to deliver the Valkyrie hypercar, with the first cars scheduled for delivery at the end of the year.

"Aston Martin Lagonda has entered into a legally binding termsheet under which the Racing Point F1 team will become the Aston Martin F1 works team with effect from the 2021 season," a statement from Racing Point added.