Administrators for the Force India Formula 1 team have accepted a bid from a consortium led by Canadian businessman Lawrence Stroll, laying to rest doubts about the team’s immediate future.
To take control of the financially crippled F1 team, Stroll, father of current Williams F1 driver Lance Stroll, has assembled a consortium of investors including fellow Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, and Silas Chou, Stroll’s business partner.
Under the new ownership structure, the team’s 400-plus workforce has been retained and Force India’s creditors are to be paid in full.
“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,” said Force India’s chief operations officer Otmar Szafnauer.
“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.
“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.”
Lawrence Stroll, who had previously bankrolled his son in the Williams drive, has been linked to the struggling Force India for some time. It’s expected now that Lance Stroll will switch from the uncompetitive Williams to Force India for 2019.