Racing Point will be rebranded Aston Martin in the 2021 Formula One season after the British luxury car maker officially confirmed its return to the sport.

The announcement, which has been anticipated in the last couple of months, comes after a consortium led by Canadian billionaire Lawrence Stroll injected £260million of new capital into a fundraising effort of £536m.

As part of this investment, Stroll, whose son Lance is currently on the books of Racing Point as a driver alongside Sergio Perez, will become executive chairman of Aston Martin, which will create its own works F1 team.

Aston Martin has enjoyed a title partnership agreement with Red Bull Racing over the past four years, an arrangement that will come to an end after the forthcoming season.

Stroll, who bought Racing Point when it was formerly known as Force India in August 2018 when it was on the verge of going bankrupt, has previously made clear his desire to take on the F1 front-runners.

“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport,” Stroll said on Racing Point’s official website.

“I think it’s the most exciting thing that’s happened in recent memory in Formula One and it’s incredibly exciting for all stakeholders in the sport, especially the fans.

“I can’t think of a better name for a Formula One team (Aston Martin).

“Our investment strategy places Formula One as a central pillar of the global marketing strategy, and it makes perfect sense to rebrand Racing Point for this purpose.

“Aston Martin has been competing very successfully in various classes of motorsport throughout its history, but we now have an opportunity to create a works team in Formula One.”