Stroll’s F1 Racing Point will become the Aston Martin F1 works team from the 2021 season.

Lawrence Stroll, 60, a Canadian investor who  owns a fleet of vintage Ferraris, made his fortune building and selling two fashion brands. He and his partner, Silas Chou, took Tommy Hilfiger public in 1992 and later sold it to private-equity buyers. In 2011, they listed the Michael Kors brand, eight years after acquiring majority control.

Lawrence Stroll owns a Formula One racing team, won the backing of Aston Martin’s board after rival suitor Geely cooled on the idea of investing in the sports-car maker. Geely, which controls Sweden’s Volvo, Britain’s Lotus Cars and holds a stake in Daimler, had been interested in a technology-sharing deal and wanted to instigate more fundamental changes than the plan outlined by Lawrence Strolls. Aston Martin is mainly owned by Italian and Kuwaiti private equity groups. The fund raising plan hands the automaker a lifeline that will ease funding strains as it prepares to start building its first SUV, the Aston Martin DBX,  priced from £158,000 which will be powered by a 4L V8 engine.

Lawrence Strolls led a group of investors who took over the Force India Formula One team after it was forced into administration. Renamed Racing Point, it is based in the UK and gets its engines from Mercedes-Benz. Stroll’s son Lance is a driver for the team.

Under the new agreement, Stroll’s Racing Point will become the Aston Martin F1 works team from the 2021 season.

Stroll will join Aston Martin’s board as executive chairman, replacing the current chairman Penny Hughes, who will step down.

“I look forward to working with the board and management team to continue to invest in the development of new models and technologies and to start to rebalance production to prioritize demand over supply,” Stroll said.