Lawrence Stroll rubbishes once and for all rumors of F1 exit

Aston Martin F1 chairman Lawrence Stroll has emphatically dismissed any suggestions of him relinquishing his ownership in the Formula 1 team.Last month, rumors started swirling that the Canadian billionaire and his associates were set to leave F1, a falsehood triggered by a minority investment in the team by private equity firm Arctos Partners.However, Aston later clarified that Arctos’ investment was strategic, with the firm bringing to Aston Martin F1 its network of contacts as well as its extensive resources to enhance the team’s reach and brand.Still, suggestions that Stroll could be leaving F1 continued to linger, which has compelled the Canadian to set the record straight once and for all regarding his investment in AMR Holdings GP – the entity that owns Team Silverstone.Read also: Aston Martin and Aramco extend title partnership dealIn an interview this week with the New York Times, Stroll suggested that his significant investment in Aston Martin was a testament to his unwavering commitment to his team and to his determination to build a championship-winning outfit on solid foundations.“I don’t know where that speculation came from,” said Stroll. “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.”While the recent minority stake sale to Arctos Partners raised a few eyebrows, Stroll insisted that this was a one-time arrangement.The 64-year-old has no plans to seek additional investment, despite the possibility of Aramco – Aston Martin's title partner – acquiring 10 percent of the team under the terms of their agreement.“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 elaborated on the reasons for Aston’s tie-up with Arctos Partners.“It made great sense to take them as a minority partner for what they bring to the business,” he explained.“They add value, and particularly in America with all their investments with their other sports teams. There has 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.”Keep up to date with all the F1 news via Facebook and TwitterThe post Lawrence Stroll rubbishes once and for all rumors of F1 exit appeared first on F1i.com.