Formula One latest: Force India out of administration after deal

Force India rescued from administration by Lawrence Stroll-led new backers

Lawrence Stroll-led consortium of investors rescues Force India

Force India Chief Operating Officer Otmar Szafnauer worked with the administrators - FRP Advisory LLP - to find a buyer, with the Stroll-led consortium emerging as the bidder of choice.

The deal has been agreed between the joint administrators, a consortium of investors led by Lawrence Stroll, and the team's senior management. Yes, the billionaire father of Williams F1 driver Lance Stroll has picked up the tab for the team that was nearly certainly about to pack up and go home.

"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", Szafnauer said.

Three of Formula 1's biggest names - McLaren, Williams and Renault - have been concerned about a potential sale to Stroll. The team had faced the threat of a winding up order ahead of the Hungarian Grand Prix after its driver Sergio Perez brought legal action against it over his unpaid salary.

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".

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"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", he added.

The consortium includes Andre Desmarais, a Canadian entrepreneur, Jonathan Dudman of Monaco Sports and Management, John Idol of the fashion industry, John McCaw of the telecom industry, Michael de Picciotto a finacial expert, and Silas Chou who is Stroll's business partner. Stroll junior made his debut with Williams a year ago and has been supported in F1 by funding secured by his father.

The future of the Silverstone-based operation had been under threat for several months amid the ongoing personal setbacks encountered by long-term co-owner Vijay Mallya, with several interested parties having lined up to express interest.

"As a result of a serious process, we finally received a very strong offer to save the company and restore solvency", he said.

It needs the change of ownership to be completed so it can commission suppliers to produce upgraded parts, which will be crucial in Force India's championship battle.

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