F1: Force India team to come out of administration

The Force India Formula 1 team will come out of administration after a deal was agreed with a consortium of investors led by Canadian businessman Lawrence Stroll.

According to F1.com, the deal, confirmed yesterday, means all 405 jobs at Force India will be saved. The team will also be able to race at the Belgian Grand Prix on 26 August and creditors will be paid for in full “while there is ongoing funding guaranteed”.

After action was taken by driver Sergio Perez to “save the team”, Force India were placed in administration before the Hungarian GP on 29 July.

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According to F1.com, the consortium consists of Stroll, whose son Lance races for Williams, 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.

Force India chief operating officer Otmar Szafnauer said: “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.

“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.”

Force India are sixth in the F1 constructors’ championship while Perez is tenth in the drivers’ standings and teammate Esteban Ocon is 12th.