The future of the Force India Formula One team was secured today after its administrator accepted a bid backed by a consortium of investors, effectively ending Vijay Mallya's 10-year-old reign at the midfield squad.

The team was put into administration ahead of the Hungarian Grand Prix last month following the legal action taken by its Mexican driver Sergio Perez. According to a statement issued on behalf of administrator Geoff Rowley, all 405 jobs at Force India will be saved following a deal with the team management, joint administrators and consortium of investors led by Canadian billionaire Lawrence Stroll, who happens to be the father of Williams driver Lance Stroll.