F1 | Racing Point to become Aston Martin in 2021

The Racing Point Formula 1 team will be rebranded Aston Martin from 2021, James Bond's favourite carmaker said Friday after securing a large cash injection to get back on track.

Canadian billionaire Lawrence Stroll, whose son Lance Stroll drives for Racing Point, has agreed to be part of a deal to pump £500-million ($657-million) into the struggling Aston Martin, leading to the rebrand.

A decade-long plan

Aston Martin said in a statement: "The Racing Point F1 team will become the Aston Martin F1 works team with effect from the 2021 season. This agreement is for a 10-year initial term."

A consortium led by Lawrence Stroll will inject £182-million into Aston Martin, whose cars play a starring role in the 007 spy films.

Aston Martin additionally plans to raise a further £318-million via a rights issue supported by its major shareholders.

READ: What Lawrence Stroll's 20% stake in Aston Martin could mean for F1

Aston Martin chair Penny Hughes said in the statement: "The difficult trading performance in 2019 resulted in severe pressure on liquidity which has left the company with no alternative but to seek substantial additional equity financing.

"Without this the balance sheet is not robust enough to support the operations of the group. Notwithstanding recent weak trading, the strength of the Aston Martin brand and our expanding portfolio of cars has allowed us to attract a strong new partner in Mr. Stroll to support the turnaround of the business."