MX23RW : Tuesday, December 18 13:47:05

Force India set to come out of administration

Force India set to exit administration
© Reuters
The Force India Formula 1 team is to be rescued from administration by a group of investors led by Lawrence Stroll, the father of Williams driver Lance Stroll.

Formula 1 team Force India has agreed a deal to come out of administration.

The agreement, which was signed on Tuesday, means that all 405 jobs at the team base in Silverstone will be saved.

In addition, Force India's creditors will be paid for in full, with "ongoing funding guaranteed" by a group of investors led by Lawrence Stroll, the father of Williams driver Lance Stroll.

The team entered administration two weeks ago ahead of the Hungarian Grand Prix amid severe financial problems but will be ready to race when the F1 season resumes with the Belgian Grand Prix at the end of the month.

"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," Force India operations chief Otmar Szafnauer told the official F1 website.

"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."

Joint administrator Geoff Rowley added: "All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future.

"Funding to support the team will be made available from today, and significantly more will be available once the company emerges from administration, which we expect within the next two to three weeks."

Force India, who finished fourth in the constructors' championship last season, are currently sixth in the standings this term.


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