Formula 1 team to come out of administration

Formula 1 team to come out of administration

Formula 1 team to come out of administration

It has now emerged that a consortium led by Williams driver Lance Stroll's father, Lawrence Stroll, has made a bid for the team that has been accepted by the administrators.

A deal has been agreed with the joint administrators, appointed by FRP Advisory, to return the team to solvency.

Ocon had been in the frame for a drive at Renault but now that Daniel Ricciardo has that seat, the most likely scenarios are that Ocon will remain with Perez taking his considerable budget to Williams or should Perez be the driver kept at the team, Ocon will move to Haas with Romain Grosjean possibly exiting the sport.

"All creditors will be paid in full, all jobs will be preserved, and the team will have significant funding to invest in its future".

Force India chief operations officer Otmar Szafnauer and his senior management team worked with the administrator to find investors with the aim of securing the long-term future of the business.

The Force India F1 team are to be rescued from administration by a group of investors led by Lawrence Stroll.

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They take over from previous owners Vijay Mallya, Subrata Roy and the Mol family.

"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. Stroll junior made his debut with Williams past year and has been supported in F1 by funding secured by his father.

Several other parties had expressed interest, including two USA consortiums and a British firm. "The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed".

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

Frenchman Esteban Ocon and Mexico's Sergio Perez are now the Force India drivers, although the arrival of Lawrence Stroll could open the door for a move from struggling Williams for his son.

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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