The Sahara Force India F1 Team have been saved from administration following a consortium led by businessman Lawrence Stroll.
The Silverstone-based team was forced into administration on the Friday prior to the Hungarian Grand Prix as a means of protecting their employees over mounting debts.
It was announced on Tuesday, 7 August that a consortium, led by Stroll had been created with the assistance of Chief Operations Officer, Otmar Szafnauer, and members of the team’s senior management.
Stroll is investing in the team alongside Canadian entrepreneur Andre Desmarais, Jonathan Dudman, of Monaco Sports and Management, as well as the fashion business leader John Idol, financial expect Michael de Picciotto, telecommunications investor John McCaw Jr, and finally, Stroll’s business partner Silas Chou.
The investments mean that the team’s creditors will be paid in full, and all 405 positions within the team have been saved, and future revenue promised.
The agreement will mean that ownership of the team is taken over from Vijay Mallya and Orange India Holdings Sarl.
Szafnauer thinks the team’s future is now looking bright.
“This outcome secures the future of the Force India team in Formula 1 and will allow our team of races 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,” said Szafnauer.
“At Force India, our expertise and commitment have meant that we have always punched above our weight and this new investment ensures we have a bright future ahead 0f us.”
“I also would like to thank Vijay, the Sahara Group and the Mol family for all their support and taking the team as far as circumstances would allow.”