Force India to exit administration
- Published on 07 Aug 2018 19:46
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- By: Fergal Walsh
Force India will exit administration after a group of investors, led by Lawerence Stroll, have secured the future of the team. Force India went into administration over the Hungarian Grand Prix weekend, after a number of parties including Sergio Perez and Mercedes were not paid.
405 jobs were put at risk as the future of the company was uncertain. However, it is now clear that the future of the Silverstone-based team is secured. Rumours had been swirling that Lawrence Stroll, father of Williams' driver Lance Stroll, was interested in investing in the team.
With Stroll senior's investment now at Force India, it is likely that son Lance will join the squad for the 2019 season. Stroll joined the F1 grid in 2017 with Williams, but has been linked with a switch to the pink panthers for a number of weeks.
Investing alongside Stroll’s in the team are Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, and Stroll’s business partner Silas Chou.
"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,” said team COO Otmar Szafnauer. "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.
"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."
Fergal Walsh
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Replies (11)
Login to replycalle.itw
Posts: 8,527
I wonder if its worse for them to join up with Stroll and get Lance in one car, or if its worse to join up with Merc' to become a mere B-team. Though it isnt too late for them both to happen in due time.
Bhurt
Posts: 320
Say what you will about the Stroll's, but this is a happy day as far as I'm concerned. Happy for all the people whose futures are now secure.
ajpennypacker
Posts: 2,475
That's right. That's the only news that matters. Besides, the predictions about Stroll sr. Are nothing but conjectures. A lot of armchair experts and keyboard warriors
RogerF1
Posts: 501
Wonder why they’ve retained the name (for now?). Maybe that has to be to stay racing as the F1 registered team?
And one more, there was a financial problem under the skin but now they’ve “Lance’d” it!
calle.itw
Posts: 8,527
One could even say that Lawrence and co Strolled right in with a solution! ;)
AFAIK they cant change name midseason, and they might even have to retain it next year if they are to cash in on FI's earnings from this year.
RogerF1
Posts: 501
I’m very happy to see the team survive and retain the substantial worforce. Maybe with sound finances they can get even higher up the standings and take out Haas and maybe even Renault? Certainly a diverse investor base, hopefully good to attract sponsors.
siggy74
Posts: 194
So thats 1 seat free at williams for next year, rofl
Were do we think ocon will end up? and who gets the second williams seat ;p
ajpennypacker
Posts: 2,475
Ocon is a shoe in at Williams. I would be very surprised if he doesn't go to Williams. At the same time, I don't know what will happen to Williams without Martini and Stroll money.
Bhurt
Posts: 320
Are we sure Ocon is the one leaving?
mcbhargav
Posts: 1,332
Sr. Stroll: The things that i do for my son...( pushes Ocon from the team.)
boudy
Posts: 1,168
That's great. They need stability in order to get points to secure their future.