Canadian billionaire Lawrence Stroll has sold a minority stake in the Aston Martin Formula One team to US private equity firm Arctos Partners.
The investment by Arctos, which has a stake in the Boston Red Sox and Liverpool Football Club owner Fenway Sports Group, values the F1 team at about £1 billion.
It is the first time Stroll has sold shares in the F1 team, which his son Lance drives for.
He is also the largest shareholder in Aston Martin Lagonda Global Holdings PLC (LSE:AML), the British luxury carmaker, which saw shares shoot up on Friday.
The sale of a minority stake of Aston Martin’s F1 team marks another shift in investors attempting to tap into the hype surrounding the sport.
F1 has experienced a surge of interest due to a concerted global push by owner Liberty Media Group, alongside the unexpected success of the Netflix series Drive to Survive.