'Bright future' for Force India with takeover deal agreed

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

Force India has been bought by a consortium led by Canadian businessman Lawrence Stroll, father of Williams F1 driver Lance.

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.

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.

Force India COO Otmar Szafnauer worked with the administrators to find new investors and is confident the team's future is bright.

Force India's Sergio Perez said he had commenced administration proceedings against the team. It has consistently outperformed more experienced teams such as McLaren and Williams, and it ranked fourth in the Constructors' Championship the past two seasons.

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

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Under the terms of the takeover agreement, which was signed on Tuesday, the new investors will ensure that all creditors will be paid in full and that all 405 jobs with Force India are secured.

"I also would like to thank Vijay [Mallya], the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow". Lawrence Stroll wants his son in a vehicle more competitive than the Williams FW41, and the announcement of a transfer to Force India for 2019 is anticipated.

Joint administrator Geoff Rowley said that the consortium will provide funding to support the team immediately with "significantly more" to follow once the company emerges from administration, which is expected to be within the next two to three weeks.

Briton George Russell, the current F2 series leader with four race wins, has tested for Force India this season and could join full time in 2019. Stroll junior made his debut with Williams previous year and has been supported in F1 by funding secured by his father.

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

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