Billionaire Lawrence Stroll is in early talks to sell another minority stake in his Aston Martin Formula One team to capitalize on the growing popularity of the sport, according to people familiar with the matter.

Stroll, who owns the F1 team separately from his stake in luxury-car maker Aston Martin Lagonda Global Holdings Plc, is willing to sell as much as 25 per cent in the racing business, the people said, asking not to be identified as the discussions are confidential.

The Canadian billionaire is hoping to improve on the £1 billion (US$1.3 billion) valuation of last November’s deal to sell a minority stake to US private equity firm Arctos Partners, one of the people said.

“From time to time and more recently following the Arctos Partners investment, the team is contacted by interested parties,” a spokesman said in a statement, adding that any talks are confidential and there is nothing yet to announce.

It would be the latest in a string of deals and rising valuations in F1, which has seen its popularity soar in the U.S. thanks largely to the success of the Netflix documentary series Drive to Survive.

The interest in the F1 team contrasts with the fortunes of listed Aston Martin which Stroll, a former textiles tycoon, rescued in 2020. The stock has declined by about a third since the start of the year and is down about 80 per cent from when the now executive chairman took control. Stroll has repeatedly had to raise capital for the company from investors including Saudi Arabia’s Public Investment Fund.

Aston Martin Lagonda’ stock spiked as much as 7.3 per cent after Bloomberg News reported Stroll’s interest in selling down his F1 stake further, before it pared those gains.

Two-time world champion Fernando Alonso extended his deal with the team earlier this month to until the end of 2026. That’s the season when Honda will take over building Aston Martin’s engine as new regulations come into effect. These are expected to shake up the sport which has been dominated by Red Bull Racing driver Max Verstappen in recent years. Aston Martin’s other driver is Stroll’s son Lance.

The F1 team is officially called the Aston Martin Aramco Formula One Team after a deal with the Saudi state oil giant to be its main sponsor until 2028.