Sahara India Pariwar, an Indian conglomerate, have today announced an $100 million investment in the Force India Formula 1 team.
This money will buy Sahara a 42.5% stake in the team, the same amount that is retained by Vijay Mallya, who remains team principal, but becomes Managing Director rather than Chairman.
The team will now be known as the Sahara Force India F1 Team, and a new logo was jointly unveiled today by Mallya and Saharasri Subrata Roy Sahara, Managing Worker and Chairman at Sahara India Pariwar, at a press conference in New Delhi.
“India is reaching new heights in all spheres, including sports,” said Sahara. “Formula One car racing has always remained a bastion of the western world. The advent of India in this exciting sport has remained a matter of pride for all our countrymen. I feel doubly proud that Sahara is the co-owner of India's only F1 team and I am sure that through the Sahara Force India F1 Team, we will together bring pride and laurels to our beloved nation.”
Mallya had the following to say on the deal: “I am delighted to welcome Saharasri Subrata Roy Sahara as Chairman of Sahara Force India. It has indeed been a matter of pride for me to put India on the F1 map with Force India and raise the performance of the team to its current levels. The Sahara Group has played a very important role in the development of sport in the country and is an ideal partner to take the Force India F1 Team to greater success in the Formula One World Championship”.