The administrators put in charge of Force India have accepted a bid from a consortium led by businessman Lawrence Stroll to save the team.
It was confirmed on the Friday before the Hungarian Grand Prix that Force India had entered administration, thanks to a petition backed by several parties, including Sergio Perez’s backers and power unit suppliers Mercedes, which fended off a winding up order.
However, the Stroll-backed consortium have agreed a deal with the administrators, which saves the 405 jobs at the Silverstone-based team, pays the creditors and guarantees the immediate finances of the team.
Alongside Stroll, the investors include; Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, and Stroll’s business partner Silas Chou.
“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,” said Force India’s chief operations officer Otmar Szafnauer.
“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.
“At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us.
“I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow.”
Lawrence Stroll is the father of Williams driver Lance, who is in his second full year in Formula One, and the speculation about a bid for the team from Stroll Sr. has prompted many to believe that Lance will make the switch from Williams to Force India for 2019.
The team are currently sixth in the constructors’ championship, seven points behind Haas and 23 behind fourth-placed Renault.