Aston Martin's financial troubles have been well documented of late - the company made a loss in 2018 and issued profits warnings to its shareholders previous year.
In response to that, following a General Meeting on Monday, it has suggested that it may have to tap in to £150 million of loans and other financial instruments that are available, to see it through the next 12 months.
Aston Martin Secures $660 Million Investment From Lawrence Stroll, Needs More Money
Stroll did not provide much details regarding Aston's F1 venture, but it's likely the Aston name will be used to replace his Racing Point team.
The investment from Stroll's so-called Yew Tree consortium stands at a total of £262 million, £171m of which has come today as part of the rights issue.
"This is most clearly demonstrated by our investment of £262m which underpins the financial security of the Company".More news: Saints will have NFL Draft war room at New Orleans brewery
It is however less than the £195m ($239m) he previously agreed to pay for a 16.7 per cent stake prior to the outbreak of the Covid-19 virus, which saw Aston Martin Lagonda's share price plummet and led to the deal being renegotiated. "This gives the necessary stability to reset the business for its long-term future", Stroll said in a statement. Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula 1. The British carmaker has temporarily suspended production at its two factories in the United Kingdom until the end of April.
It said it was also taking action to control operating costs and capital expenditure and is accessing additional funding facilities.
As per reports from Autocar, Aston Martin has cracked a deal with Lawerence Stroll, its new investor.More news: The Last of Us 2 Delayed Again Due to Coronavirus Epidemic
Speaking of the changes that are occurring in the Silverstone-based team, Stroll said, "The group of men and women at Silverstone are true racers and their determination and spirit is one of the main reasons I invested in the Formula 1 team".
"I am not becoming CEO of Aston Martin".More news: COVID-19: Chinese government bans consumption of wild animals