Paul Jeffrey
Premium
The Force India Formula One team appear to have been rescued from administration by a high powered consortium led by billionaire Canadian Lawrence Stroll.
With the Silverstone based team continuing to perform impressively in Formula One these last few years, the news just before the summer break that the squad have been forced into administration in an attempt to stave off closure due to an increasing lack of funds in recent months has finally found a happy ending, with administrators confirming the outfit have been rescued by a consortium of people led by Canadian fashion mogul Lawrence Stroll, father of current Williams sophomore driver Lance.
Force India’s chief operations officer Otmar Szafnauer confirmed the news today, marking the end of an unpredictable period for the team who currently sit sixth in the 2018 Constructors Championship:
“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.”
“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,”
“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,”
Joint administrator Geoff Rowley, no stranger to fans who followed the ultimately abortive attempts to rescue both Caterham and Manor in recent seasons added:
“It is rare that a company can be rescued and returned to a position of solvency.”
“The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.
“Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency.
“The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.
“Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency.
“Funding to support the team will be made available from today, and significantly more will be available once the company emerges from administration which we expect within the next two to three weeks.”
It is thought the new cash injection will allow Force India to bring on stream a wave of new developments planned for the current season, as well as allowing the team to continue progress of the 2019 challenger. It remains to be seen if the Force India name will remain past 2018, or if new ownership will result in a rebranding ahead of next season.
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Happy to see Force India have been saved? Do you think Lance Stroll will end up in one of the cars either later this season or next? Can this be a prompt for Force India to move on to bigger things in future? Let us know in the comments section below!
Like what you see here at RaceDepartment? Don't forget to like, subscribe and follow us on social media!
Happy to see Force India have been saved? Do you think Lance Stroll will end up in one of the cars either later this season or next? Can this be a prompt for Force India to move on to bigger things in future? Let us know in the comments section below!
