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.

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.