Racing Point have unveiled the challenger they hope can shake up the Formula One grid next season in their first campaign in the sport. The team, who have taken over the outfit previously known as Force India, are now owned by billionaire Lawrence Stroll whose son Lance has made the move from Williams to race for the team this term. Stroll will be paired with the experienced Sergio Perez, who keeps his seat in the team following its transition from Force India. Racing Point have unveiled their car ahead of their first season in Formula One The newest name in F1 have mainly kept to a livery design from previous team Force India However there is now a large splash of blue on the engine cover courtesy of SportPesa Lawrence bought out the struggling Force India team halfway through the 2018 campaign but this has been the first opportunity the team has had to alter their name. Despite the ditching of the 'Force India' brand, Racing Point have retained some characteristics of the former team's guise including their pink colour scheme which has proven popular on the grid since its 2017 introduction. However, the team have gained new sponsorship with SportPesa whose blue logo as part of a title sponsorship has helped freshen up the team's livery for the 2019 season. A top down look on the new Racing Point car that the team will hope picks up regular points The team's drivers unveiled the car at the Canadian International AutoShow in Toronto Racing Point will be hoping to build on the success of previous team Force India Racing as Force India, the team were excluded from the championship last term after falling into administration, before Stroll bailed them out. But despite having to renter as a new team from the last nine races starting with the Belgian Grand Prix, they picked up enough points to climb to seventh place in the championship. The team remain based just yards away from the Silverstone circuit and have targeted fourth spot for the season, behind the likely front runners of Mercedes, Ferrari and Red Bull.<doc-sep>TORONTO — Racing Point has put the cash-starved Force India days behind it and now has the resources to show Formula One what it can really do, the Canadian-owned team said on Wednesday. Technical director Andrew Green told a livery launch, where Kenyan betting company SportPesa was announced as new title sponsors, that the buzz at the factory since the change of ownership was incredible. "The investment that's in the team is absolutely unprecedented, there's a real sense of we can show people what we can really do now. They have given us the tools to be able to move forward," he said. "It's not a new chapter in the history of this team, we're a new book now. "We're all eager to prove that we can do more. If you give us a little bit more, we can do a lot more. Over the coming months you'll see the team grow and develop and the performance of the car will increase at quite a dramatic rate." Force India went into administration in July last year with only 240,000 pounds ($308,376) to its credit while outstanding gross wages due at the end of that month totaled 2.2 million pounds. Bankers Santander had already frozen the company's accounts, a report by the administrators later revealed. There were also significant debts, including 13.7 million pounds to engine providers Mercedes alone. Racing Point, a consortium of investors led by Canadian billionaire Lawrence Stroll, whose son Lance is now driving for the team, paid 90 million pounds in August to take over the assets and has brought in new backing. "In years past we've had ... financial pressures. Those pressures have been lifted thanks to the consortium as well as our partners," said team principal Otmar Szafnauer. "Now we have other pressures, and those are to perform at an even higher level than we have before. "The resources over time will now increase, and the performance has to be commensurate. We are all focused on making sure our on-track performance not only stays where it was but gets closer to those top three." Force India were the fourth ranked team in 2016 and 2017 before last year's troubles. Racing Point finished 2018 seventh out of 10 — some achievement given that they started with a clean slate from August. Szafnauer had talked last year of the name Racing Point being temporary, but he said they had now decided to keep it. "We've all come to the conclusion that basically we are a team of racers. And there's nothing wrong with it, and actually it encompasses who we are," he said. "We all talked together and thought that's an appropriate name, let's make it wonderful and take that name and give it some history in time and some heritage of us being racers and ultimately winners."<doc-sep>Racing Point has already started work on building a new Formula 1 factory at Silverstone and expects work to be completed by 2021. Financial pressures have been eased at the rebranded squad following Lawrence Stroll’s takeover of the former Force India team last summer, with the Racing Point outfit already seeing the gains of the fresh investment. Team principal and CEO Otmar Szafnauer confirmed the plans for a new factory after Racing Point unveiled its livery and new title sponsor ahead of the 2019 season at a launch event in Canada on Wednesday. Five Storylines to look out for in F1 2019 Video of Five Storylines to look out for in F1 2019 “The new shareholders are investing in all areas of the company to establish Racing Point as a premium brand with strong commercial appeal,” Szafnauer said. “We have already signed an exciting new partnership with SportPesa, which sits alongside the BWT relationship as our top level partners. “We’ve also welcomed new names such as JCB, Bombardier and Hackett into the Racing Point family – brands which share our vision for building a first-class racing team. “There is also the creation of a new factory, which we expect to be completed by 2021, and the introduction of a new motorhome at European events later this year.” Szafnauer said the winter break had been the “busiest” he could remember since joining the team as the revitalised Racing Point outfit’s looks to make improvements ahead of the new campaign. “There is a huge amount going on behind the scenes and I would say it has been the busiest winter I can remember. "Not only are we delivering the new car, but we are also planning for the future and trying to improve our facilities and tools following years of underinvestment. “We are expanding the current factory to accommodate a growing workforce and simultaneously planning the build of a new facility, which will also be located in Silverstone. "These are not easy tasks and they require lots of energy and resources to deliver. But we are well aware that the focus of our key people needs to remain on the performance of the car and that’s very much the case.” Technical director Andrew Green added Racing Point has been boosted by its recent spending push following the fresh backing and believes the team’s development throughout the season will be “significant” as a result. “We’ve been working over the winter trying to claw back that performance - the guys and girls at the factory have done a fantastic job,” Green explained. “We won’t really know until we hit the grid in Melbourne but from there it doesn’t stop, the development of the car throughout the season is going to be significant. “With the new investment in the team it allows us to develop a car through a season, something we’ve never been able to do before, that’s already started.”<doc-sep>
1:51 Sergio Perez and Lance Stroll show off the striking new livery of the 2019 Racing Point F1 car. Sergio Perez and Lance Stroll show off the striking new livery of the 2019 Racing Point F1 car. Racing Point have officially launched their new era with the team confident they are now 'in the pink' both on and off track from F1 2019. The team formerly known as Force India revealed a reworked livery and a new title sponsor at their launch event in Canada, the homeland of their new billionaire owner Lawrence Stroll. "It's not a chapter in the history of this team now, it's a new book," said technical director Andrew Green. "With that comes expectation and we're all eager to prove if you give us a little bit more we can do a lot more." What's changing on the Formula 1 2019 cars? Find out more about Sky Sports F1 Team boss Otmar Szafnauer said: "The long-term aim is to take this team to the very top of the sport. We are putting the building blocks in place and it's important we take a good step forward in 2019 as we begin this new era." Racing Point's ambitious plans While Force India were long regarded as the best pound-for-pound team in F1, finishing fourth in the standings in 2016-17, they faced yearly financial strain and eventually slipped into administration last summer before being rescued by a Stroll-led consortium. "In past years we've had financial pressures, but those pressures have been lifted thanks to the consortium and our partners," said Szafnauer. Look at this beauty - our SportPesa Racing Point car! Welcome @SportPesa - now it's time to #MakeItCount! Our 2019 look is here! #WeAreReady #NewEra pic.twitter.com/ZfsyijL42o — SportPesa Racing Point F1 Team (@RacingPointF1) February 13, 2019 "Now we have other pressures and that's to perform at any even higher level than we have before. We've performed well with the resources we have had, but the resources over time will now increase. "We want to be fighting for podiums on merit and aiming for a strong top-four finish in the championship." Sergio Perez, who starts his sixth season at the team, is joined by former Williams driver Lance Stroll, the son of Lawrence. "Our targets are really high," said Perez, the only driver outside the top three teams to record a podium finish last year. "We're aiming for at least fourth this year. I would be very pleased if we can have a couple of podiums as well - and, why not, our first victory together." New name but colours remain The Force India name has disappeared from the grid after a decade, yet 'Racing Point' had initially appeared set to be merely a stop-gap replacement while the Silverstone outfit came up with a completely fresh identity for 2019. However, Racing Point has now stuck. "The name took us a while," admitted Szafnauer. "We started off with Racing Point as our company name and took from then to now to discuss it. We all came to the conclusion that we're a team of racers, there's nothing wrong with Racing Point and it actually encompasses who we are." One aspect of the identity which has carried over from the previous era is the predominantly pink livery which was first introduced in 2017. "The pink in the two years has become iconic," said Szafnauer. Blue has been added to the engine cover and wings for SportPesa, a sports betting company which has signed a 'multi-year deal' to become the team's title partner. Racing Point's actual 2019 car, to be known as the RP19, will be seen for the first time on the opening day of winter testing at Barcelona on Monday. Get the dedicated Sky Sports F1 channel - the exclusive home of all live F1 - for £18 a month in HD with no contract. Get Sky Sports F1.