Force India, the crack Formula One team set up by Indian businessman Vijay Mallya, will soon have new owners after a consortium led by Canadian squillionare Lawrence Stroll presented a rescue deal for the financially embattled team
Force India went into administration in July in an action brought by its lead driver, Mexican Sergio Perez in a bold move to keep other creditors at bay and save the team.
Administrator Geoff Rowley, says Stroll, father of Williams driver Lance Stroll, and six other investors had come up with a plan to pay all creditors, with Force India’s entire staff of about 400 retained.
“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,” Force India executive Otmar Szafnauer said.
“This outcome secures the future of the Force India team in Formula One and will allow our team of racers to compete to our full potential.”
Lawrence Stroll is a fashion tycoon and owner of multiple Ferraris and properties, including a racing circuit, and is said to be worth more than $3 billion.
Indian entrepreneur Vijay Mallya, who had a 42.5 percent stake in the team, is trying to find buyers for his Kingfisher Airlines and other ventures so he can pay off the reported $2 billion he owes them.
Hopefully the excellent Kingfisher beer empire will survive.
However, despite its financial woes, Force India and its drivers Perez and French star Esteban Ocon, remained in contention on the racing circuits, usually with better results than the more experienced McLaren and Williams teams.
The takeover also suggests Lance Stroll will move over to Force India from his underachieving Williams, but that is likely to apply from next season because of contracts between him and Williams and the current Force India drivers.
Perez is almost certain to stay, since he has a lot of Mexican backing, but the talented Ocon might have to make way for Stroll.
He will likely do a swap to the Williams seat because he is a junior driver with Mercedes, which supplies engines to Williams.
As yet, nothing is certain.
There’s also a chance that fellow Merc junior driver George Russell could get the drive with Williams. At present, the young Brit is a star in Formula 2 and ready to move to the top tier.
CHECKOUT: Ricciardo splits with Red Bull