Racing Point will officially become Aston Martin in 2021 after owner Lawrence Stroll completed his investment deal this week.

The British luxury carmaker has been facing increasing financial strife over the past year, with the Canadian entrepreneur's Yew Tree Consortium stepping in with a cash injection of 260m.

A broader fundraising effort will see a total of 536m generated for Aston Martin, and Stroll will take over the role as executive chairman.

“The process of investing in this wonderful car brand has required all of my attention and energy for a number of months," he said in a Q&A released by Racing Point.

"There were certainly some sleepless nights. At the same time, it has been one of the most exciting deals in which I’ve ever been involved.

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"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.”

As well as helping get the famous British brand back on its feet as a carmaker, Stroll will also bring the Aston name back to the F1 grid as a works teams for the first since 1960.

“A brand with the pedigree and history of Aston Martin needs to be competing at the highest level of motorsport," the Canadian said.

"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.”