U.S.-based private equity firm Arctos Partners has bought a minority shareholding in the Aston Martin Formula One team in a deal that values the racing team at around $1.24 billion.
A statement ahead of this weekend's Las Vegas Grand Prix confirmed Arctos has acquired a minority stake in AMR Holdings GP limited, which is a separate entity to the Aston Martin road car company also owned by Canadian billionaire Lawrence Stroll.
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Acrtos is a private investment firm headquartered in Dallas that has existing investments in various sports teams in the U.S. and Europe, including the Golden State Warriors, Houston Astros and Liverpool Football Club.
"As investors in several leading sports franchises, Arctos brings deep industry knowledge, and I am thrilled that Aston Martin will be joining such a prestigious portfolio," Stroll said. "The team has enjoyed tremendous success this season with eight podium finishes and our biggest points haul as a team, but our collective ambition is greater.
"We are investing in infrastructure, people and processes, and this is the perfect time to add strength in depth with the operational expertise and strategic experience of Arctos."
According to reports in both the Financial Times and Bloomberg, the deal values the team at $1.24 billion.
The news follows a $218 million investment in F1 rivals Alpine in June this year, which valued that team at over $900 million.
This year, Aston Martin has enjoyed its most successful season since Stroll took ownership with eight podiums scored by two-time world champion Fernando Alonso.