Saudi Aramco becomes sole title sponsor of Aston Martin F1 team

LONDON: Saudi Aramco has signed a new five-year agreement to become the exclusive sponsor of the Aston Martin Formula One team starting from the 2024 season, it was announced on Thursday.

The team will be known officially as Aston Martin Aramco from January onwards, a joint statement said.

The Saudi energy giant had been co-main sponsors with American IT company Cognizant, which will remain as a strategic partner.

Canadian billionaire Lawrence Stroll owns the Formula One team, and is also chair and top shareholder in the separate car company.

“We already enjoy an important strategic relationship (with Aramco) and their support as our title partner for the next five years is a clear demonstration of our shared ambition,” Stroll said in a statement.

“Since 2022, they have played a key role in Aston Martin’s F1 journey and their contribution will only become more significant in the years ahead.”

Saudi Arabia’s Public Investment Fund recently increased its stake in British luxury carmaker Aston Martin to 20.5 percent.