Saudi Arabian energy company Aramco has recently struck a new five-year deal to become the exclusive title sponsor of the Aston Martin Formula One team starting from the upcoming season, according to an announcement made by both parties on Thursday.
Previously, the team had U.S.-based IT company Cognizant as their joint title sponsor along with Aramco, but from January they will be officially known as Aston Martin Aramco. Cognizant is set to continue as a strategic partner.
The Public Investment Fund (PIF) of Saudi Arabia has also raised its stake in the British luxury carmaker Aston Martin to 20.5%.
Additionally, Aramco is a global partner of Formula One and the title sponsor of several races.
Canadian billionaire Lawrence Stroll, who is the owner of the Formula One team and also holds the position of chair and top shareholder in the separate car company, commented, “We already enjoy an important strategic relationship (with Aramco) and their support as our title partner for the next five years is a clear demonstration of our shared ambition.”
“Since 2022, they have played a key role in Aston Martin’s Formula One journey and their contribution will only become more significant in the years ahead,” Stroll added.
Last season, Aston Martin finished in fifth place overall with Fernando Alonso and Lance Stroll as their drivers. The team is set to switch from Mercedes to Honda engines starting from 2026.
(Reporting by Alan Baldwin, editing by Ken Ferris)
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