Aston Martin will return to Formula One in 2021 with its own works team, which will be based out of Silverstone.
They'll change their name from Racing Point - and end their current partnership with Red Bull Racing in time for next season.
Canadian billionaire Lawrence Stroll will become executive chairman of the luxury car maker.
”The process of investing in this wonderful car brand has required all of my attention and energy for a number of months. There were certainly some sleepless nights,” Stroll said of the move.
“At the same time, it has been one of the most exciting deals in which I’ve ever been involved. Cars are my passion, a huge part of my life, and Aston Martin has always had a special place in my heart.
“To stand here today and announce that the agreement is finalised is a huge privilege and one of the proudest moments of my career.
“With all the paperwork completed, I can focus my attention on implementing the strategy to make this fantastic brand even more successful in the years ahead.
“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport.
“I think it’s the most exciting thing that’s happened in recent memory in Formula 1 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 1 team.
“Our investment strategy places Formula 1 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 1.
“The global spotlight of Formula 1 is second to none and we will leverage this reach to showcase the Aston Martin brand in our key markets.”