The value of Formula One teams has also been boosted by any new entrant having to pay a $200 million fee to compensate the existing 10 outfits for their reduced future share of the sport's overall revenues. "We'll be able to do more, we'll be at the peak of the budget cap, we'll be right up there." that plays into the sweet spot of this team, who historically did more with less. "It's a lot easier to win when you're outspending the competition. And Formula One teams, run properly, will be very profitable companies," he said. "Everybody is very focused on each of us being profitable. Stroll said Formula One's introduction of a budget cap this season, dropping to $135 million in 2023, would transform the business. "This will be a substantial amount of what the total facility will cost," said the Canadian, who added that the latest cost estimate was around 220 million pounds. Stroll said the offer was also a chance for the team's fans and employees to become financially involved with a minimum initial subscription of 1,000 pounds ($1,376.40) and multiples of 100. The Silverstone-based Formula One team he bought in 2018 now competes as Aston Martin and Stroll has big plans for the future.Ī new factory and wind tunnel 'campus' is being built and the team this month launched a five-year sterling retail bond through the London Stock Exchange to help fund a project due for completion in three years' time. Stroll, who made his money in fashion, bought a significant stake in British sportscar maker Aston Martin in 2020 and is the executive chairman. The United States is a key growth area for Formula One, owned by U.S.-based Liberty Media, with a second race in Miami coming in 2022. The Andretti family set up a special purpose acquisition company (SPAC) this year to raise $250 million through an initial public offering. "I think they did a SPAC in the States and said they were going to look to buy something in motorsports.
"I don't know much about it other than that I heard in the paddock last race that there was potentially some activity there.
I know the family and I think they'd be a great addition to the sport, if it's true," Stroll told Reuters from Montreal ahead of Sunday's race when asked about the rumours.
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