The Sahara Force India Formula 1 team have found a new buyer with the ability to pay the debts owed by former owner Vijay Mallya.
The 405 employees of the Sahara Force India Formula 1 seem to have been saved by an unlikely source after being ushered into administration on Saturday, July 28. Lawrence Stroll, the father of Williams Martini Racing driver Lance Stroll, has stepped in with a group of wealthy individuals to pay off the debts accrued by the former Force India owner Vijay Mallya.
There was a host of potential buyers who seemed to show interest in picking up the mid-pack team that have shown spurts of potential over the years, including in 2018. United Kingdom-based energy drinks company Rich Energy offered a £30 million relief investment that was originally rejected.
Russian businessman and CEO of Uralchem Integrated Chemicals Company Dmitry Mazepin was also in the mix. His son, Nikita Mazepin, drives in the GP3 Series. Michael Andretti, the 1991 CART champion and current owner of the Andretti Autosport IndyCar and Formula E teams, was even said to have the interest to bring more American presence to the mainly European sport.
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But it will be Lawrence Stroll who will be taking the majority stake in the team formerly owned by Vijay Mallya, Subrata Roy and the Mol family. Stroll will be joined by sports manager Jonathan Dudman, fashion executive John Idol, financial expert Michael de Picciotto, entrepreneur Andre Desmarais, and partner/advisor Silas Chou.
These partners will be able to bring a renewed influx of capital and resources to Force India, which will keep the team racing for the remainder of the season and into the foreseeable future.
The current change in ownership and funding is rarely handled so smoothly with the financial commitment that Formula 1 teams require. Geoff Rowley, a member of the administrative staff overseeing the potential options for the team, had this to say about the transition process, according to Formula 1.
"“It is rare that a company can be rescued and returned to a position of solvency. The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.“Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency. All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future.“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.”"
It does not take long to see the interest that the latest move in the Formula 1 silly season has created. With Lance Stroll possibly wasting potential at the floundering Williams team, will we see a driver switch? It is assured that Force India will finish out the season under new management, but what will happen after the 2018 season?
The Formula 1 summer break has only just begun and the excitement is only growing by the day. What more might take place before the on-track action resumes? he next round on the Formula 1 calendar is set to take place on Sunday, August 26 at Circuit de Spa-Francorchamps in Stavelot, Belgium.