F1 News

News

  • News
  • Video
  • Live
  • Opinion
  • Gossip
  • Drivers & Teams
  • Schedule & Results
  • Standings
  • Stats Zone
  • Get Sky F1

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.

F1 2018 championship standings

 Esteban Ocon and Sergio Perez are the current Force India drivers
Esteban Ocon and Sergio Perez are the current Force India drivers

"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."

Also See:

  • Find out more about Sky F1
  • All the latest Force India news

Force India, who finished fourth in the Constructors' Championship last season, are currently sixth in the standings this term.

Get Sky Sports F1.

Trending

  • 1
    Neville: Man Utd's slim hopes may rest on Pogba
  • 2
    Who will win the Premier League title?
  • 3
    Ozil leaves conflicted Arsenal legacy
  • 4
    Ozil lands in Turkey: 'My dream comes true'
  • 5
    Disappointed Ole: We didn't deserve win | Klopp: Goals will come
  • 6
    Bournemouth agree short-term Wilshere deal
  • 7
    Messi sent off as Athletic beat Barca in Super Cup
  • 8
    Transfer Talk: 'Sancho talk could resume in the spring'
  • 9
    Klopp: Top four 'most important thing'
  • 10
    Why aren't Liverpool scoring goals?
  • Video
  • Latest News
  • Home
  • Sports
    • Football
    • F1
    • Cricket
    • Rugby Union
    • Rugby League
    • Golf
    • Boxing
    • NFL
    • Olympics
    • Tennis
    • Racing
    • Darts
    • NBA
    • Netball
    • GAA
    • MMA
    • More Sports
  • Scores
  • Video
  • TV
  • Sky Bet
  • Games
  • More
    • Transfer Centre
    • Live on Sky
    • Get Sky Sports
    • TV Shows
    • TV Guide
    • Competitions
    • Sky Go
    • Now TV
    • Kick It Out
    • Black Lives Matter
    • Podcasts
    • Mobile
    • Twitter
    • Facebook
    • Contact Us
    • Terms & Conditions
  • Twitter
  • Facebook
  • Sky Sports
    • Get Sky Sports
    • Sky Sports Apps
    • Sportinglife.com
    • TEAMtalk.com
    • Football365.com
  • Partners
    • Sky Bet
    • Fantasy Football
    • Super 6
    • Planet Rugby
    • Golf365
    • Planet F1
    • Cricket365
  • Sky Sports Channels
    • Sky Sports Main Event
    • Sky Sports Premier League
    • Sky Sports Football
    • Sky Sports Cricket
    • Sky Sports Golf
    • Sky Sports Racing
    • Sky Sports F1
    • Sky Sports NFL
    • Sky Sports Arena
    • Sky Sports News
    • Sky Sports Mix
  • More Sky Sites
    • Sky.com
    • Sky News
    • Sky Group
    • Sky For Businesses
    • NOW TV
    • Sky Communal TV
    • Bigger Picture
    • Store Locator
    • Work for Sky
    • Advertise With Us
    • Sky TV Accessories
  • Terms & Conditions
  • Privacy & Cookies Notice
  • Privacy Options
  • Accessibility Information
  • Contact Us

©2021 Sky UK