Racing team Force India continues

A group of investors led by Canadian billionaire Lawrence Stroll is taking over the majority shares from Indian Vijay Mallya, who lives in exile in England. The aim is to save all 405 jobs and pay off all liabilities. The team announced this in an official statement on Tuesday.

Lawrence Stroll, who made his fortune buying and selling investments in the fashion industry, is the father of Williams driver Lance Stroll. In 2017, Stroll senior enabled his then 19-year-old son to enter Formula 1 with an investment worth millions. Since then, Lance Stroll has collected a total of 32 championship points in 44 races for Williams.

Force India has been in so-called controlled insolvency since July 27th. The company FRP Advisory LLP was tasked with finding a buyer during the Formula 1 summer break. Meanwhile, operations continued as normal. FRP approved the deal with Canadian investors on Tuesday.

Ironically, a demand for additional salary from regular pilot Sergio Perez (Mexico) amounting to around four million dollars ultimately triggered the bankruptcy. However, Perez says he did not act maliciously. “I was asked to do this by some team members in order to secure the team and thus 400 jobs,” said the 28-year-old.

Force India took an impressive fourth place in the team rankings in 2016 and 2017, leaving far behind economically better-positioned racing teams such as Renault and McLaren.

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Racing team Force India continues

The insolvent Formula 1 racing team Force India has been saved economically.

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