Force India saved by Stroll-led consortium

Lance Stroll (TEAMtalk Media)
Lance Stroll (TEAMtalk Media)

Cape Town - The Force India Formula 1 team has been rescued from administration by a group of investors led by the billionaire father of Williams driver Lance Stroll

The team was placed into administration ahead of the recent Hungarian Grand Prix amid severe financial problems at the request of its creditors, which included one of its drivers Sergio Perez. 

The deal reached by the Stroll-led consortium allows the team to satisfy the creditors’ demands, meaning the team can race again when the F1 season resumes at the end of the month in Belgium. It also secures the jobs of Force India’s 405 employees. 

The consortium consists of Canadian entrepreneur and Power Corporation president Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, head of Michael Kors John Idol, John McCaw Jr, financial expert Michael de Picciotto, and Stroll's associate Silas Chou. 

Speaking about the deal, Force India’s operations chief Otmar Szafnauer said: "This outcome secures the future of the Force India team in F1 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." 

"All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future,” said Administrator Geoff Rowley. 

"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 finished fourth in last season’s Constructors' Championship.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
loading... Live
Chennai Super Kings 0
Kolkata Knight Riders 0/0
Voting Booth
What is your favourite sport to watch on TV?
Please select an option Oops! Something went wrong, please try again later.
42% - 8977 votes
11% - 2326 votes
19% - 4095 votes
2% - 529 votes
1% - 191 votes
2% - 499 votes
5% - 1046 votes
9% - 1819 votes
3% - 727 votes
Water sports
1% - 198 votes
American sports
1% - 267 votes
3% - 680 votes