By Luis Torres, Staff Writer
The future of Force India has found a positive ending Tuesday, as they’ve agreed to accept a bid from current Williams driver Lance Stroll’s father, Lawrence Stroll, to bring the 10-year-old team out of administration.
Force India has been under siege since senior driver Sergio Perez attempted to save the team, and were put under administration since the Friday before the Hungarian Grand Prix.
The cause of administration was as a result of parties looking to avoid possible debts.
A consortium was made, and Lawrence will take the helm, with assistance from Force India’s chief operations officer Otmar Szafnauer and the team’s senior management.
Lawrence will also hold exclusive ownership, replacing Vijay Mallya and Orange India Holdings Sarl.
In addition to this announcement, all creditors will be paid in full, all 405 jobs are secured, and will be guaranteed funding. Above everything else, permitted to run the Belgian Grand Prix.
Joint administrator Geoff Rowley said he’s impressed of how the team has sloved its issue in a short amount of time.
“It is rare that a company can be rescued and returned to a position of solvency,” said Rowley.
“The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.
“Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency.
“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.”
Szafnauer said the deal will allow the Mercedes-Benz powered team to reach its full potential.
“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 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.
“At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us.
“I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow.”
After 12 rounds, Force India sits sixth in the Constructors Championship with Perez leading the team, as he currently sits 10th in the Driver’s Championship.