The Force India Formula One team will finally come out of administration after a rescue deal by a group of investors led by Canadian billionaire Lawrence Stroll. According to reports, administration and management have said that all the creditors will be paid in full and all the 405 employees of the team will be retained.
Lawrence Stroll is the father of Williams Formula One driver Lance Stroll. Other than Stroll, the investors include Canadian entrepreneur Andre Desmarais, Jonathan Dudman, John Idol, telecoms investor John McCaw Jr, Michael de Picciotto and Silas Chou. Reports say that Vijay Mallya, the co-owner of the Formula 1 team, is ‘devastated’ to have lost control of the Formula One team. Bob Fernley, who used to be the deputy team principal until a court-appointed administrator took charge last Friday, has said Mallya would act in the best interests of the team.
Speaking about Vijay, he said,”He will also be able to discuss directly with the administrator the future of the team and Vijay is certainly not going to get in the way of making sure the team is fully supported. That’s not his way of doing things. The team means a huge amount to him and he’s devastated with the situation as it is at the moment. But as the major creditor he hopefully can make sure it is in the right hands going forward to go on to better things.”
The rescue deal by Stroll and other investors secures the future of the Force India Formula One team. Force India drivers include Sergio Perez and Esteban Ocon. Geoff Rowley, the Joint Administrator, said the financial support for the team will be made available immediately. “It is rare that a company can be rescued and returned to a position of solvency,” Rowley said in the statement.”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”, he added.
News source – India Today