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Motor racing-Aston Martin F1 team shelves proposed retail bond -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : A logo is displayed on the Aston Martin DBX at Barry’s new Aston Martin Lagonda plant in Barry (Wales, Britain), February 21st, 2020. REUTERS/Rebecca Naden/Pool

LONDON, (Reuters) – The Aston Martin Formula One Team has canceled a five-year Sterling retail bond that would have helped fund the new factory. It said it had found more suitable sources of financing.

Lawrence Stroll, a Canadian billionaire, owns the Mercedes-powered Mercedes team and hopes fans will participate in the 7.0% bond.

In October, Stroll stated to Reuters that the ‘campus’, three buildings and a wind tunnel would require three years of construction at a cost of approximately 220 million pounds (300.48 millions).

He said that the bond would be “the best way to finance the campus” and give the supporters a chance of getting involved.

Update Monday: The company said it had decided to halt the issue as more lucrative sources of funding were now available, for a greater amount than originally planned.

($1 = 0.7322 pounds)

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