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Racing Point will become the Aston Martin factory Formula 1 team from 2021.
Lawrence Stroll, the Canadian billionaire, bought into the company on Friday.
Aston Martin’s title sponsorship of Red Bull is set to end after the current season.
Stroll will pay £182million for a 16.7% stake and will also join the company board.
“Red Bull Racing has agreed to release Aston Martin from its Formula One exclusivity clause which in turn has allowed it to generate the necessary investment required to re-finance and pursue alternative opportunities within the sport,” Red Bull said in a statement.
Source- Daily Mail