Force India reborn as Racing Point

The Sahara Force India F1 Team has been reborn as Racing Point Force India.

The team have been stripped of all the Constructors' Championship points they previously earned this season but have immediately rejoined the series with a new name and new management group following the Lawrence Stroll-led takeover.

Force India had sat sixth in the standings on 59 points, but the new entity begins this weekend's Belgian GP from 10th place in the standings on zero points. McLaren, Toro Rosso, Sauber and Williams all move up one place apiece in the standings.

Drivers Sergio Perez and Esteban Ocon do, however, retain their points and the team itself will be able to score points in the remaining races this year.

Otmar Szafnauer has been confirmed as the outfit's new team principal, a position previously held by the team's former co-owner Vijay Mallya.

Mallya's long-serving deputy Bob Fernley had already left the team by mutual consent.

The team fell into administration ahead of the Hungarian GP but have since been rescued by a consortium headed by Canadian billionaire Stroll, the father of Williams F1 driver Lance. The outfit's administrators have confirmed they 'have completed the sale of the business and its assets to Racing Point UK Limited'.

"The new Racing Point Force India Team is delighted to be able to race when the championship resumes in Belgium this weekend," said Szafnauer, previously the team's chief operating officer.

"This heralds a new and exciting chapter for us. Just a few weeks ago, an uncertain future lay ahead, with more than 400 jobs at risk; now the new team has the backing of a consortium of investors, led by Lawrence Stroll, who believe in us as a team, in our expertise and in our potential to achieve success on the track.

"We are grateful to the FIA, the Joint Administrators and Formula One Management for their support in helping us achieve such a welcome outcome and ultimately, we trust, for the sport and its many fans."

FIA president Jean Todt added: "Creating an environment of financial stability in Formula One is one of the key challenges faced by the sport, however thanks to the hard work of the FIA, the Joint Administrators, Racing Point and Formula One Management we have a situation now that safeguards the future for all of the highly-talented employees, and will maintain the fair and regulated championship competition for the second half of the season."

Full statement from the FIA
The Fédération Internationale de l'Automobile (FIA), has today, 23 August, accepted the mid-season entry of Racing Point Force India with immediate effect to the FIA Formula One World Championship in accordance with Articles 8.1 and 8.2 of the 2018 Formula One Sporting Regulations. This means the team will race this weekend at the Belgian Grand Prix.

Since the Force India Formula One Team Limited was placed into administration on 27 July, the FIA has worked in collaboration with the Joint Administrators (Geoff Rowley and Jason Baker of FRP Advisory LLP), Racing Point UK Limited and Formula One Management to ensure the expedient and compliant transition of the team's assets to the new entrant. This successful process has protected motor sport competition at the highest level, as well as the jobs of over 400 employees.

Following a disciplinary investigation and prosecution by the FIA under Article 4 of the FIA's Judicial and Disciplinary Rules, the Sahara Force India F1 Team has accepted its exclusion from the 2018 FIA Formula One World Championship with immediate effect, due to its incapacity to comply with Article 8.2 of the Sporting Regulations moving forward, and forfeits all Constructors Championship points under Article 6.2.

The Joint Administrators of Force India Formula One Team Limited have completed the sale of the business and its assets to Racing Point UK Limited, the investment consortium led by Lawrence Stroll and the team's senior management.

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