LONDON: FIA, the governing body of world motorsport confirmed on Thursday that the embattled duo of Vijay Mallya and Subrata Roy have completed the sale of Formula One team Force India and its assets to a consortium of investors called Racing Point UK Limited, led by Canadian business tycoon Lawrence Stroll.
As a result, Sahara Force India will be rebranded as Racing Point Force India and is set to race in this weekend’s Belgian Grand Prix. However, the team has had to register itself as a new entity which means that it will lose all its points from the 2018 Constructors’ Championship and will begin from scratch. This won’t impact the Drivers’ Championship standings though as Force India’s drivers Sergio Perez and Esteban Ocon will keep their points.
The FIA said in a statement: “Following a disciplinary investigation and prosecution by the FIA under Article 4 of the FIA’s Judicial and Disciplinary Rules, the Sahara Force India F1 Team has accepted its exclusion from the 2018 FIA Formula One World Championship with immediate effect, due to its incapacity to comply with Article 8.2 of the Sporting Regulations moving forward, and forfeits all Constructors Championship points under Article 6.2.”
FIA president Jean Todt said: “I am very pleased that a strong, positive outcome has been reached and welcome the mid-season entry of Racing Point Force India.
“Creating an environment of financial stability in Formula One is one of the key challenges faced by the sport, however thanks to the hard work of the FIA, the Joint Administrators, Racing Point and Formula One Management we have a situation now that safeguards the future for all of the highly-talented employees, and will maintain the fair and regulated championship competition for the second half of the season.”
Welcoming a new era for the team, Stroll said: “On Monday I stood in front of the workforce at Silverstone and Brackley and applauded the achievements of this team in recent years. The strength of any company is the people that make it up and it’s a huge privilege to begin this exciting new journey with such a talented group of men and women. I’ve been fortunate to establish and grow a number of successful businesses, but the opportunity to take this team forward to the next level is perhaps the most exciting challenge yet.
“Together with my fellow shareholders, we will invest in new resources and bring fresh energy to empower the workforce to continue racing at the very highest level. We are all passionate about motor racing; we recognise the racers’ spirit in Force India, and we are extremely motivated to make this team even more special in the years ahead.”
As per Force India’s new ownership structure, Mallya’s long-term right hand man and deputy team principal, Robert aka ‘Bob’ Fernley will be stepping down from his role. Otmar Szafnaeur will serve as the team principal and CEO of the team as the rest of the senior management remains the same.
“This heralds a new and exciting chapter for us,” said Szafnauer.
“Just a few weeks ago, an uncertain future lay ahead, with more than 400 jobs at risk; now the new team has the backing of a consortium of investors, led by Lawrence Stroll, who believe in us as a team, in our expertise and in our potential to achieve success on the track.
“We are grateful to the FIA, the Joint Administrators and Formula One Management for their support in helping us achieve such a welcome outcome and ultimately, we trust, for the sport and its many fans.”
