The Aston Martin Formula 1 (AMF1) motor racing team will be valued at around £2.4 billion ($3.2 billion) through its latest minority stake sale.

Bloomberg has reported that Aston Martin Lagonda Global Holdings Plc, the listed carmaker, has agreed to sell its minority stake in the racing team for £110 million.

Aston Martin chief executive Adrian Hallmark revealed that a binding letter of intent has been signed with a buyer, confirming a £2.4 billion valuation for the whole team. He declined to name the buyer, saying the deal had yet to be completed.

The large valuation demonstrates the ongoing demand from investors to enter the sport, whose popularity has soared on the back of the popular Drive to Survive Netflix series, most notably in the US.

The agreed valuation will represent a significant increase from Aston Martin’s last stake sale.

Last year, US firms HPS Investment Partners and Accel Partners invested in the team at a £1.8 billion value. In 2023, meanwhile, Canadian billionaire and controlling shareholder Lawrence Stroll sold a stake in the team to US investment firm Arctos Partners, valuing it at £1 billion.

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Stroll rescued Aston Martin in 2020 and started to use its name in F1 for the team he already owned, which operated as Racing Point across 2019 and 2020 before rebranding as Aston Martin for 2021.

Prior to Stroll’s acquisition, Aston Martin – under that name – hadn’t featured in the sport since 1959 and 1960.

The F1 outfit have made some key appointments over the past year, most notably bringing in Andy Cowell as group chief executive to succeed Martin Whitmarsh, and hiring renowned F1 car designer Adrian Newey managing technical partner after he left Red Bull Racing.

AMF1 are currently eighth in the 10-team F1 Constructors’ Championship with 11 races to go in the 2025 season.