07/08/2018
NEWS STORY
The administrators for Force India have accepted a bid for the team from a consortium led by Lawrence Stroll, billionaire father of Williams driver Lance Stroll.
FRP Advisory confirms that all jobs at the Silverstone-based outfit have been saved, that all creditors will be paid in full and money will be available immediately as the team strives to defend its fourth-place in the team standings it has held for the last two seasons.
"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 Otmar Szafnauer is a statement tonight.
"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," he added. "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."
"All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future," added administrator Geoff Rowley of FRP Advisory.
"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."
Stroll's fellow investors include his business partner Silas Chou, Canadian businessman Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecomms investor John McCaw Jr and financial expert Michael de Picciotto.