New York Jets owner Woody Johnson is expanding his sports portfolio once again, this time by entering the world of Formula 1. According to Motorsport.com, Johnson has acquired a minority stake in the Aston Martin Formula 1 team and will join the team’s board of directors as vice chairman.
Motorsport reports:
“Aston Martin has sold a minority stake in its Formula 1 team to US billionaire Robert Wood Johnson, who joins the board of directors as vice chairman.”
The investment adds another major sports property to Johnson’s portfolio. In addition to owning the Jets, Johnson acquired a significant stake in Premier League club Crystal Palace last year.
His role with Aston Martin appears to be focused primarily on the business side, particularly helping the organization continue to grow its presence in the United States. Motorsport reports that Aston Martin brought Johnson in “to advance the Silverstone team’s commercial growth in the US,” while noting that he will not be involved in the team’s day-to-day management.
Johnson pointed to his time serving as the United States Ambassador to the United Kingdom when discussing the investment.
“During my time as US Ambassador to the United Kingdom, I have developed a deep appreciation for Aston Martin’s rich history, as well as Lawrence Stroll’s strategic vision and entrepreneurial spirit,” Johnson told Motorsport.
Formula 1 has experienced significant growth in the United States in recent years, making Johnson’s background in American professional sports potentially valuable to Aston Martin. The team is owned by Canadian businessman Lawrence Stroll, who welcomed Johnson’s investment and experience as Aston Martin looks toward its next stage of growth.
Johnson’s expanding collection of sports investments will generate some conversation. His involvement with Aston Martin comes while he remains the owner of a Jets franchise that is in a prolonged playoff drought. What do Jets fans think about Woody’s latest sports investment? You can discuss Woody Johnson in our forums.
