The economic formula-1 team Force India is saved. A group of investors led by Lawrence Stroll, the father of the current Williams pilot Lawrence Stroll, takes over the majority at the racing stables, against which a bankruptcy procedure had been opened just two weeks ago.
Thus the era of Vijay Mallya ends at Force India. The Indian who lives in exile in England gives his shares to the new owners.
In addition to Lawrence Stroll, some other Canadian entrepreneurs invest in the racing stables and not only secure the jobs of 405 employees, but also guarantee repayment of the debts. A corresponding offer was accepted on Tuesday by the insolvency administrators of FRP Advisory.
This result ensures the future of the team in formula 1 and will allow our racing stable to exploit its full potential,”says company manager Otmar Szafnauer, Among the new owners, the new strong man in Silverstone
Otmar Szafnauer, the new strong man in Silverstone
The group of investors includes Stroll, Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, Fashion entrepreneur John Idol, telecommunication investor John McCaw, financial expert Michael de Picciotto and Stroll’s business partner Silas Chou.
“I am pleased that we have the support of a consortium of investors who believe in us as a team and see the considerable business potential, “I would also like to thank Vijay, the Sahara Group and the Mol family for their support and to get the team as far as circumstances allow”, Szafnauer.
Insolvency Manager Geoff Rowley was very satisfied with the result achieved today.” It is not often that a company is rescued and made repayable,”he says. The quality of the various stakeholders was impressive and required careful scrutiny over time.”
insolvency is expected to end in two to three weeks
Besides Stroll and his partners were also the energy drink manufacturer Rich Energy as well as the IndyCar team leader Michael Andretti, Sports marketer Jeff Moorad and Dimitri Masepin, the millionaire father of test driver Nikita Masepin, are interested in taking over Force India.
“After following a robust process, we ended up with a very credible offer to save the company and restore solvency”, says insolvency administrator Rowley.” The resources to support the team will be made available as of today, and there will be much more available once the company emerges from the administration what we expect in the next two to three weeks”, He envisages an early end to the insolvency.
This was initiated on the 27th of July by the High Court in London at the request of driver Sergio Perez and his manager Julian Jakobi. In addition to the Mexican, Mercedes and sponsor BWT supported two other creditors