Page 18 - Aug 2022

Brit ish Grand Prix cont inued from p. 17

During the race Vettel clipped the back of a Williams entry driven by a born- in- England young driver
Alex Albon, himself the son of a retired British race driver, Nigel Albon. The clip knocked Albon out of
the race and into the medical center for observation.
The Williams, team formerly owned and operated as a family F1 team since 1977, completed 735 F1
races under British ownership until the team was sold in 2020 to an American private investment firm
Dorilton Capital, based in New York. The deal has been reported at 179.5 millon dollars. Claire
Williams, who stepped down as the deputy principal of the team after the 2020 Italian Grand Prix, made
the decision to sell. It was, no doubt, a difficult but a necessary one as the costs to compete in F1 racing
have passed by the resources of a private purse enterprise. Sir Frank Williams, 79, the founder of the
team, died in 2021. Despite its American ownership, Williams remains headquartered in Grove, England.
Lando Norris, driving for McLaren, was 6th at the finish, while the Dutch Max Verstappen driving for Red
Bull came 7th, not his lucky number on this particular day.

And, In Ot her Mot orsport News

Surprising announcement of We're in t he Money from Ast on Mart in
Surprising Announcement of 'We're in t he Money' comes from Ast on Mart in

Lawrence Stroll's struggling Cognizant Team, with its Aston Martin machines and Aston Martin SUVs
used as track Safety Cars, does have something about which to be happy. Just after the British Grand
Prix, the Saudi government backed sovereign wealth fund, known as the Public Investment Fund (PIF).
announced that it will invest £78m in Stroll's cash strapped, debt burdened Aston Martin firm. Canadian
billionaire Lawrence Stroll, Aston Martin's executive chairman, called the deal " a game changing event".
The deal gives the Saudis a 17% ownership stake, reportedly two non-executive seats on the company's
board, and Aston breathing room.

The Saudis have a racing tradition. Camel racing, a legacy sport, is a million dollar industry in Saudi
Arabia, with prize camels selling for a million dollars each. The Saudis are also interested in other
professional sports, including F1 racing. The PIF owns the Newcastle United football club and the
upstart and controversial LIV Golf Tour now engaged in its own battle with the venerable USA based PGA
Tour. In 2017 it quietly became an investor in the McLaren group when refinancing of the Woking based
organization took place. The PIF already owns the Aston Martin F1 team's sponsor ARAMCO, and
quietly maintains financial interests in other companies such as Disney, Boeing, CitiCorp, BP, Uber, Tesla,
Nintendo, and Marriot.
With the Saudi commitment, Aston Martin plans, with additional funding from existing investors, to raise
a total of £653m in equity capital. Both Stroll's Yew Tree consortium and Mercedes have reduced their
investments in the company. Stroll will retain control with an 18.3% share and Mercedes will retain a
9.7% share.

Ever the promoter, Stroll was effusive in his published comments about the Saudis investment: " ...this is
a game changing event for Aston Martin, supporting the delivery of our strategic plans and accelerating our
long-term growth potential. It transforms our balance sheet, liquidity and cashflow profile and provides greater
clarity on our pathway to become sustainably free cash flow positive and create significant shareholder value.
With the new leadership team in place, led by Amedeo Felisa, we have the right team and the right strategy to
fully realise the long-term potential of Aston Martin.?

Stroll also touted the Formula 1 team, which includes his son Lance as a driver and has at best a less than
mediocre record of success on the track, saying , ?Aston Martin's return to the pinnacle of motorsport with

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