Motor racing-Stroll leads rescue deal for Force India F1 team
The Force India Formula One team will come out of administration after a rescue deal involving a consortium of investors led by Canadian billionaire Lawrence Stroll, administrators and management said in a statement on Tuesday.
They said creditors would be paid in full and all 405 jobs at the Silverstone-based team, that was co-owned by embattled Indian businessman Vijay Mallya and finished fourth last year, were safe.
Stroll is the father of Williams Formula One driver Lance.
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Apart from Stroll, the investors were named as Canadian entrepreneur Andre Desmarais, Jonathan Dudman, John Idol, telecoms investor John McCaw Jr, Michael de Picciotto and Stroll`s business partner Silas Chou.
"This outcome secures the future of the Force India team in Formula One and will allow our team of racers to compete to our full potential," said the team`s chief operating 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."
Joint administrator Geoff Rowley said funding to support the team would be made available immediately with "significantly more" once the company emerged from administration.
He expected that to be within the next two to three weeks.
The team went into administration at the end of last month.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)