The Force India Formula One team is to come out of administration after a rescue deal involving a consortium of investors led by Canadian billionaire Lawrence Stroll, administrators and management said in a statement on Tuesday.
They said creditors would be paid in full and all 405 jobs were safe at the Silverstone, England-based team, which was co-owned by embattled Indian businessman Vijay Mallya and finished fourth last year.
Stroll is the father of Williams Formula One driver Lance Stroll.
Apart from Lawrence Stroll, the investors were named as Canadian entrepreneur Andre Desmarais, Jonathan Dudman, John Idol, telecoms investor John McCaw Jr, Michael de Picciotto and Lawrence Stroll’s business partner, Silas Chou.
“This outcome secures the future of the Force India team in Formula One and will allow our team of racers to compete to our full potential,” Force India chief operating officer Otmar Szafnauer said.
“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,” he added.
Force India’s driver lineup is Mexican Sergio Perez and Mercedes-backed Frenchman Esteban Ocon, but 19-year-old Lance Stroll now looks likely to move from Williams next season given his father’s involvement.
Joint administrator Geoff Rowley said funding to support the team would be made available immediately with “significantly more” once the company emerged from administration.
He expected that to be within two to three weeks, with the team set to compete at the next race at the Circuit de Spa-Francorchamps in Belgium on Aug. 26.
“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,” he said. “Having followed a robust process, in the end we were left with a highly credible offer to save the company and restore solvency.”
The team went into administration at the end of last month, with Perez triggering the process.
The Mexican had said he was owed more than US$4 million as part of sponsorship deals brought to the team, while engine provider Mercedes was due about 13 million euros (US$15.1 million).
Leading sponsor BWT was also involved.
Force India’s problems have been well documented, with Mallya fighting an attempt by India to extradite him from Britain to face charges of fraud, which he has denied.
A group of Indian banks are seeking to recover more than US$1 billion of loans granted to his defunct Kingfisher Airlines.
US track and field athletes have about four dozen pieces to choose from when assembling their uniforms at the Olympics. The one grabbing the most attention is a high-cut leotard that barely covers the bikini line and has triggered debate between those who think it is sexist and others who say they do not need the Internet to make sure they have good uniforms. Among those critical or laughing at the uniforms included Paralympian Femita Ayanbeku, sprinter Britton Wilson and even athletes from other countries such as Britain’s Abigail Irozuru, who wrote on social media: “Was ANY female athlete consulted in
Four-time NBA all-star DeMarcus Cousins arrived in Taiwan with his family early yesterday to finish his renewed contract with the Taiwan Beer Leopards in the T1 League. Cousins initially played a four-game contract with the Leopards in January. On March 18, the Taoyuan-based team announced that Cousins had renewed his contract. “Hi what’s up Leopard fans, I’m back. I’m excited to be back and can’t wait to join the team,” Cousins said in a video posted on the Leopard’s Facebook page. “Most of all, can’t wait to see you guys, the fans, next weekend. So make sure you come out and support the Beer
Former US Masters champion Zach Johnson was left embarrassed after a foul-mouthed response to ironic cheers from spectators after a triple bogey at Augusta National on Friday. Johnson, the 2007 Masters winner, missed the cut after his three-over-par round of 75 left him on seven-over 151 for 36 holes, his six on the par-three 12th playing a big role in his downfall. Television footage showed Johnson reacting to sarcastic cheers and applause when he tapped in for the triple bogey by yelling: “Oh fuck off.” Such a response would be considered bad form in any golf tournament, but is particularly out of keeping
The sacred flame for the Paris Olympics was lit yesterday in Olympia, Greece, the birthplace of the ancient Games, in a ceremony inspired by antiquity and marked by messages of hope amid multiple global crises. “In ancient times, the Olympic Games brought together the Greek city states, even — and in particular — during times of war and conflict,” International Olympic Committee president Thomas Bach said. “Today, the Olympic Games are the only event that brings the entire world together in peaceful competition. Then as now, the Olympic athletes are sending this powerful message — yes, it is possible to compete fiercely