Canadian-led group agrees deal to bring Force India team out of administration
Force India drivers Sergio Perez, left, and Esteban Ocon unveil the new team's car on Feb. 26, 2018. (Francisco Seco / AP)
The Canadian Press
Published Wednesday, August 8, 2018 12:23PM EDT
MONTREAL -- A consortium led by Canadian businessman Lawrence Stroll has reached a deal to bring the Formula 1 Force India team out of administration.
Force India says the agreement ensures all 405 jobs at the team will be saved.
The team was placed in administration in late July following action brought by driver Sergio Perez, who said he did so to "save the team."
Otmar Szafnauer, Force India's chief operating officer, worked with the administrators -- FRP Advisory LLP -- to find a buyer, with the Stroll-led consortium emerging as the bidder of choice.
As a result of the agreement, Force India will be ready to race when the F1 season resumes with the Belgian Grand Prix at the end of the month.
Stroll, whose son Lance races for Williams, is joined in the consortium by 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.
They take over from previous owners Vijay Mallya, Subrata Roy and the Mol family.
"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," Szafnauer said in a statement.
"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 is sixth in the constructors' championship, seven points behind Haas and seven clear of McLaren.
Lance Stroll does not have a contract with Williams for 2019.