American billionaire Woody Johnson has acquired a minority stake in the Aston Martin Formula 1 team, expanding his already diverse sports portfolio.

Johnson, who owns the NFL's New York Jets and holds a 43% stake in Premier League club Crystal Palace, will join the Aston Martin board as vice chairman. His family's business, Johnson & Johnson, is valued at $20.5 billion.

Lawrence Stroll remains the team's executive chairman and controlling shareholder with a 33% ownership stake. The remaining 67% is held by various private equity firms and strategic investors. Aston Martin currently sits 10th in the Constructors' Championship following a challenging start to the season with their new Honda power unit partnership.

Johnson emphasized his commitment to growing Formula 1's presence in the United States, stating he aims to build an organization capable of competing at the highest level. The team has shown recent signs of improvement with upgrades introduced at the Hungarian Grand Prix, with further developments expected at this weekend's Dutch Grand Prix.