SILVERSTONE, England (AP) — New York Jets owner Woody Johnson has bought a minority stake in Formula 1 team Aston Martin.
The British racing team didn't disclose financial terms but said the former U.S. ambassador to the United Kingdom will focus his attention on “commercial growth, especially in the United States.”
In addition to his controlling interest in the NFL club, Johnson owns a stake in Premier League soccer club Crystal Palace.
Johnson will join Aston Martin's board of directors as vice chairman but won't undertake any day-to-day management duties, the team said.
Aston Martin executive chairman and controlling shareholder Lawrence Stroll will continue to manage and control the company. He said Johnson's “experience, passion and investment further strengthen our position as we enter the next phase of our competitive journey.
“His deep appreciation for our brand, combined with his commitment to innovation and commercial opportunity, makes him an ideal partner as we look to the future,” Stroll said.
Aston Martin's announcement noted Johnson's “considerable network of influential relationships.”
Johnson said that during his time as ambassador to the U.K. during President Donald Trump's first term, he “developed a deep appreciation for Aston Martin’s rich history” and Stroll’s vision.
“We also share a commitment to growing the fanbase in the United States and introducing even more fans to the excitement of Formula 1,” Johnson said in the announcement.
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