MUMBAI: The reason fugitive business tycoon Vijay Mallya resigned as director of the Sahara Force India two weeks ago was NOT about handing over the reins to his son Siddharth, as the Formula One team co-owner had implied at the time.
According to German media outlet Auto Motor und Sport, Mallya’s exit was a pre-condition for Formula One Management, controlled by Liberty Media, to extend a bridge loan to the Silverstone, England-based team while sale negotiations were on.
The report added that Mallya stepped down “in return”.
Auto Motor und Sport further reports that “five buyers” are shaping up to acquire the embattled team. And while British energy drink company has been on record about its interest, the more credible potential buyers appear to be Mercedes and Force India title sponsor BWT.
