Aston Martin has a new major investor from Saudi Arabia. The Saudi state’s Welfare Fund is putting money into the British car brand that has been owned by businessman Lawrence Stroll for several years.

Aston Martin Lagonda Holdings has been under financial strain for years due to market pressure and a falling share price. CEO Tobias Moers was replaced in May by Amedeo Felisa, who previously worked at Ferrari. The company has now announced plans for “equity financing and strategic investment” from Saudi Arabia’s Public Investment Fund (PIF).

PIF also owns Aston Martin F1 sponsor Aramco, with whom the team recently struck a deal. The fund invests in major companies such as Boeing, Disney, CitiCorp, Facebook, BP, Uber, Tesla, Nintendo and Total. In the summer of last year, PIF also became a major investor in the McLaren Group. The company was also in financial trouble. PIF also owns Newcastle United Football Club and manages the controversial LIV Golf organisation.

In addition to the current investors, including Mercedes-Benz, Aston Martin will collect a total of around 769 million euros. With a 17 percent stake, PIF is the second largest investor in Aston Martin. The consortium around Stroll has 18.3 percent ownership after the arrival of PIF, Mercedes-Benz has also given up part of the shares and is now still 9.7 percent owner of Aston. According to Aston Martin, there were several candidates to make an investment. The Geely Group, the Chinese owner of brands such as Volvo, Proton and Lotus, was refused.

“This is a game changer for Aston Martin. With the strategic plans we have, we can use our potential growth more quickly in the long term,” says Lawrence Stroll.

“It changes our balance sheet, liquidity and cash flow. This allows us to take big steps towards a sustainable future and thus also offer our shareholders more value. With the new team, led by Amedeo Felisa, we have the right people in place to build a bright future for Aston Martin in the long term.”

Aston Martin has had its own team in Formula 1 since last year, according to Stroll, which is of great importance: “it was the beginning of a new chapter for this iconic British brand.”