Formula One News
The Silverstone-based team have secured their future in Formula One after receiving backing from investors. Lawrence Stroll, father of Williams driver Lance, led the investment consortium – leading to speculation about his son’s future.
The deal which is believed to save all 405 employee’s jobs and bring Force India out of administration was announced on Tuesday, July 8, 2018.
Formula One Force India’s driver Sergio Perez issued a statement, saying he had commenced administration proceedings against the team.
Force India chief operations officer Otmar Szafnauer worked with the administrator to find investors in a bid to secure the long-term future of the team “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.”
“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.”
Force India entered administration two weeks ago ahead of the Hungarian Grand Prix amid severe financial problems.
But after the Stroll-led consortium — backed by Force India’s ‘senior management’ — agreed a deal with the team’s administrators, the team will continue to race when the F1 season resumes at the end of the month at the Belgian GP, with all 405 jobs saved at the Silverstone-based team.
All of the team’s creditors will also be paid in full, with ‘ongoing funding guaranteed’.