Force India have managed to work a deal that brings the Formula One team out of administration proceedings which were brought about by team driver Sergio Perez who is reportedly owed almost Pound Sterling 3.5 million. He now says that he did so to fend off a winding up plea from another creditor.
The deal confirms that a consortium headed by billionaire Lawrence Stroll will take over the team and its commitments. Current owner Vijay Mallya is facing legal proceedings by Indian banks on charges including non-payment and diversion of loans linked to his defunct airline Kingfisher.
The move by Stroll is seen as a move to advance his son Lance Stroll’s career in Formula 1 to a team that has been relatively high in the points tally compared to the investment made.
Force India chief operations officer Otmar Szafnauer commented on the investment, “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.”