Aston Martin to sell stake in Formula One team [Video]

Luxury carmaker Aston Martin Lagonda said on Monday it planned to sell its minority stake in the Aston Martin Aramco Formula One team to help turn around its loss-making core business.

At the same time, Aston Martin’s main shareholder, the Yew Tree Consortium, plans to raise its stake in the group to 33 percent, a statement said.

Aston Martin, the model beloved by fictional British spy James Bond, added that the combined action will increase the group’s liquidity by more than £125 million ($162 million).

The consortium is led by Canadian Lawrence Stroll, whose son Lance Stroll drives for the Formula One team.

The company said its long-term Formula One sponsorship deal will not be affected.

“A long-term contract is now in place to ensure the Aston Martin name remains at the pinnacle of motorsport for decades to come,” said a statement from the F1 team.

Aston Martin chief executive …