There is no threat to the future of Force India after its administrators were boosted by an association of investors. This also ended Vijay Mallya’s 10-year-old reign at the midfield squad. Following a legal action taken by its Mexican driver Sergio Perez, force India was put into administration ahead of the Hungarian GP in July.
All 405 jobs at Force India will be intact following a deal with the team management, joint administrators and association of investors led by Canadian billionaire Lawrence Stroll, according to a statement issued on behalf of administrator Geoff Rowley.
Force India first competed in the 2008 season and since then the team has gone on to become the strongest of all the midfield team and finished fourth in past two seasons.
Force India Chief Operations Officer Otmar Szafnauer statement
“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.
Acknowledging the role of Vijay Mallya in success of Force India
“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,” said Szafnauer.
Vijay Mallya and Sahara India Pariwar had a 42.5 joint venture each in Force India. Mol family had 15 percent of the shares.
India is currently seeking Mallya’s banishment from the UK over unpaid loans linked to his non-functioning Kingfisher Airlines.