Founded and co-owned by Indian businessman Vijay Mallya, the team were put into administration in the UK on July 27
Vijay Mallya
Formula One team Force India are set to come out of administration, after announcing on Tuesday a takeover by a consortium of investors led by Canadian billionaire Lawrence Stroll. The Indian outfit, based in Silverstone, England, was placed into administration last month, but said its future had been secured by the consortium. Stroll is the father of Williams F1 driver Lance.
ADVERTISEMENT
The team did not disclose the financial details of the agreement, but did say that it would secure the 405 jobs at the company. "This agreement secures the future of the Force India team in Formula One and will allow our drivers to compete with confidence," read a statement.
Founded and co-owned by Indian businessman Vijay Mallya, the team were put into administration in the UK on July 27. Frenchman Esteban Ocon and Mexico's Sergio Perez are currently the Force India drivers, although the arrival of Lawrence Stroll could open the door for a move for his son.
Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever