Source: Reuters
As expected Force India has been saved by a consortium headed by Lance Stroll’s billionaire father Lawrence Stroll which guarantees the future of the beleaguered team formerly owned by Vijay Mallya.
Reuters report that administrators accepted the offer from Stroll’s fellow investors which include Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, and Stroll’s business partner Silas Chou.
Force India has been in administration since the Friday before the Hungarian Grand Prix in a bid to protect it against the threat of a winding-up order over mounting debts.
Force India’s chief operations officer Otmar Szafnauer confirmed, “This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to compete to our full potential.”
“I am delighted that we have the support of a consortium of investors who believe in us as a team and who see the considerable business potential that Force India has within F1 now and in the future.”
“At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us.”
“I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow,” concluded Szafnauer.
Joint administrator Geoff Rowley added, “It is rare that a company can be rescued and returned to a position of solvency.”
“The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.
“Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency.
“Funding to support the team will be made available from today, and significantly more will be available once the company emerges from administration which we expect within the next two to three weeks.”
The latest development means that Lance Stroll will join the team next year, with the future of current drivers Esteban Ocon and Sergio Perez now hanging in the balance.
Source: Reuters
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