Racing Point CEO and team principal Otmar Szafnauer says Aston Martin has clear objectives to make the Formula 1 outfit “one of the top teams in the sport”.

The Silverstone-based squad will become an Aston Martin works team in 2021 after its billionaire owner Lawrence Stroll bought a stake into the struggling British luxury car manufacturer last month.

Szafnauer said the Aston Martin rebrand has provided “a real injection of energy” for the team’s staff and revealed the vision Stroll - who rescued Racing Point from administration in the summer of 2018 - has.

Speaking about the deal ahead of the team’s launch event next week, Szafnauer said: “It’s significant news for Aston Martin and for Formula 1 itself.

“As one of the most iconic sports car brands in the world, Aston Martin needed a presence on the F1 grid and this solution delivers a fully-fledged works Aston Martin F1 Team from 2021 onwards.

“It’s news that will excite fans around the world and will shine a spotlight on a brand that is widely regarded as Britain’s finest luxury sports car manufacturer.

“It’s certainly provides a real injection of energy for the 465 loyal and hard-working staff in Silverstone,” he added.

“The team has been in business, under various names, for 30 years and is more than ready to become a manufacturer team.

“Lawrence [Stroll] spoke to the staff last week and set out the clear objective to establish Aston Martin as one of the top teams in the sport.

“Everyone is proud to represent a legendary car manufacturer returning to the pinnacle of motorsport.”

But Szafnauer explained there will be no “immediate impact” on Racing Point’s 2020 campaign as a result of the collaboration.

“There’s no immediate impact on our current campaign and we will continue to compete as Racing Point until the rebrand takes place at the start of the 2021 season,” he said.

“From then we will be known simply as ‘Aston Martin F1 Team’ - so the Racing Point name will disappear.

“It’s exciting to transition into a manufacturer team and we’ve got the best part of a year to make all those changes – much of which will be happening behind-the-scenes.

“It’s important we don’t take our eyes off the main task for 2020, which is to be competitive on the racetrack with the RP20.”