A done deal: Toto Wolff acquires 1% stake in Aston Martin

Toto Wolff has bought a stake in Aston Martin.

The British car company, whose new executive chairman Lawrence Stroll also acquired a major stake recently, will become the new identity of Stroll's Racing Point team from 2021.

Remaining at Mercedes

However, a spokesman for Wolff said the Austrian will remain Mercedes' team boss.

The spokesman noted: "It is a financial investment and Toto's partnership and executive roles with Mercedes are unaffected by the transaction."

The spokesman said Wolff's Aston Martin stake will be just under 1%, with reports estimating the value at about $46-million (R871-million, est.).