Force India rescued from administration by Lawrence Stroll-led new backers
By Pete Gill
Last Updated: 06/12/18 12:07pm
The Force India F1 team are to be rescued from administration by a group of investors led by Lawrence Stroll.
Stroll is the father of Williams driver Lance.
Force India entered administration two weeks ago ahead of the Hungarian Grand Prix amid severe financial problems.
But after the Stroll-led consortium - backed by Force India's 'senior management' - agreed a deal with the team's administrators, the team will continue to race when the F1 season resumes at the end of the month at the Belgian GP, with all 405 jobs saved at the Silverstone-based team.
All of the team's creditors will also be paid in full, with 'ongoing funding guaranteed'.
In addition to Stroll, the consortium includes 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 Force India operations chief 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."
Administrator Geoff Rowley added: "All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future.
"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."
Force India, who finished fourth in the Constructors' Championship last season, are currently sixth in the standings this term.