Racing Point team owner Lawrence Stroll ambitions to use Formula 1’s 2021 regulation overhaul as a springboard to make his outfit “one of the greatest teams in the paddock”.
The Canadian billionaire – who made his fortune in the fashion business which such famous names such as Tommy Hilfiger, Ralph Lauren and Michael Kors – led a consortium of investors last summer that took over the assets of Force India after the outfit fell into administration.
Apart from a change of entity and an influx of fresh capital, Racing Point has retained Force India’s basic foundation. Stroll says the pink outfit ambitions to lead Formula 1’s mid-field but hopes to move to next level when the sport ushers in a new technical and commercial era from 2021.
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“Short-term, we want to stay fighting where we are,” Stroll told the Formula1.com website.
“Medium-term, we want to try and fight for third, instead of fourth. Long-term, when all the rules, change, hopefully we will be one of the greatest teams in the paddock.”
Stroll, who bankrolled son Lance Stroll’s entry into Grand Prix Racing in 2017, says he only became interested in becoming a team owner through last year’s Force India opportunity when he got a clear understanding of Formula 1’s long-term plans.
“I looked at it as a business opportunity, coupling that with spending time speaking to F1 to understand their vision from 2021, which is some sort of budget cap and some sort of a better revenue distribution to the smaller teams.
“That makes great business sense for a company like this, as this is the model of direction closer to where the future will go.
“I’ve been around the sport for 30 years. There’s only 10 teams and if you look at the value of the franchise, whether it be NFL, UK rugby or football, the value of an asset like this, treated properly, cherished over time significantly appreciates.
“I think the same thing will happen here.”
In the aftermath of Force India’s take over, apart from the departure of deputy team principal Bob Fernley, Racing Point has retained its key personnel.
Otmar Szafnauer leads the team’s the day-to-day operations while Andy Green and Andy Stevenson remain in charge of the technical and sporting departments. But Lawrence Stroll insists he will be an active majority shareholder.
“I will be very involved,” confirm Stroll.
“The plan is number one – ‘Nothing is broke here so you don’t need to fix it’. It already has great leadership and management in the team.
“They have been doing this for a long time and doing a great job. So it’s about supporting them. Number two – it’s about putting financial stability in place.”
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