Racing Point has already started work on building a new Formula 1 factory at Silverstone and expects work to be completed by 2021. 

Financial pressures have been eased at the rebranded squad following Lawrence Stroll’s takeover of the former Force India team last summer, with the Racing Point outfit already seeing the gains of the fresh investment. 

Team principal and CEO Otmar Szafnauer confirmed the plans for a new factory after Racing Point unveiled its livery and new title sponsor ahead of the 2019 season at a launch event in Canada on Wednesday. 

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“The new shareholders are investing in all areas of the company to establish Racing Point as a premium brand with strong commercial appeal,” Szafnauer said.

“We have already signed an exciting new partnership with SportPesa, which sits alongside the BWT relationship as our top level partners.

“We’ve also welcomed new names such as JCB, Bombardier and Hackett into the Racing Point family – brands which share our vision for building a first-class racing team.

“There is also the creation of a new factory, which we expect to be completed by 2021, and the introduction of a new motorhome at European events later this year.” 

Szafnauer said the winter break had been the “busiest” he could remember since joining the team as the revitalised Racing Point outfit’s looks to make improvements ahead of the new campaign.

“There is a huge amount going on behind the scenes and I would say it has been the busiest winter I can remember. 

"Not only are we delivering the new car, but we are also planning for the future and trying to improve our facilities and tools following years of underinvestment.

“We are expanding the current factory to accommodate a growing workforce and simultaneously planning the build of a new facility, which will also be located in Silverstone. 

"These are not easy tasks and they require lots of energy and resources to deliver. But we are well aware that the focus of our key people needs to remain on the performance of the car and that’s very much the case.”

Technical director Andrew Green added Racing Point has been boosted by its recent spending push following the fresh backing and believes the team’s development throughout the season will be “significant” as a result. 

“We’ve been working over the winter trying to claw back that performance - the guys and girls at the factory have done a fantastic job,” Green explained. 

“We won’t really know until we hit the grid in Melbourne but from there it doesn’t stop, the development of the car throughout the season is going to be significant. 

“With the new investment in the team it allows us to develop a car through a season, something we’ve never been able to do before, that’s already started.”

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