Become a supplier
Aug 08, 2018/ 9:09

F1: Force India Set To Exit Administration

F1: Force India Set To Exit Administration

Force India’s future looks to be secure after news that a consortium of investors—led by Canadian businessman Lawrence Stroll—has agreed on a deal to bring the F1 team out of administration.

The agreement, which was signed on Tuesday, means all 405 jobs at the team will be saved and Force India’s creditors will be paid for in full while there is ongoing funding guaranteed.

As a result, Force India will be ready to race when the F1 season resumes with the Belgian Grand Prix at the end of the month.

Force India was placed into administration by London’s High Court on the Friday before the Hungarian Grand Prix, following the action brought by driver Sergio Perez, who said he did so to “save the team.”

Force India Chief Operating Officer Otmar Szafnauer worked with the administrators—FRP Advisory LLP—to find a buyer, with the Stroll-led consortium emerging as the bidder of choice.

Stroll, whose son Lance races for Williams, is joined in the consortium by 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.

They take over from previous owners Vijay Mallya, Subrata Roy and the Mol family.