LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Stroll leads rescue deal for Force India F1 team

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Aug 08, 2018
12:15 am
Reuters
RELATED NEWS
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21
Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details

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.

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."

Force India`s driver lineup is Mexican Sergio Perez and Mercedes-backed Frenchman Esteban Ocon but Stroll, 19, now looks likely to move from Williams next season given his father`s involvement.

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 two to three weeks, with the team set to compete at the next race at Spa-Francorchamps in Belgium on Aug. 26.

"It is rare that a company can be rescued and returned to a position of solvency," Rowley said in the statement.

"The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.

"Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency."

The team went into administration at the end of last month, with Perez triggering the process.

The Mexican had said he was owed more than $4 million as part of sponsorship deals brought to the team, while engine provider Mercedes was due some 13 million euros ($15.15 million). Leading sponsor BWT was also involved.

Force India’s problems have been well-documented, with Mallya fighting an attempt by India to extradite him from Britain to face charges of fraud, which he denies.

A group of Indian banks are seeking to recover more than $1 billion of loans granted to his defunct Kingfisher Airlines.

Mallya has decried a “political witchhunt” and has said he is seeking to sell assets worth about 139 billion rupees ($2.03 billion) to repay creditors.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21
Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details Budget 2021: HDFC Bank, other banks hail FM Sitharaman for these reasons; check details

LATEST NEWS

EPFO Members Alert! EPF contribution rule may change if government accepts this labour union's demand

This Rakesh Jhunjhunwala stocks portfolio is in the news - see strategy

PM Modi leaves for TN, Puducherry to inaugurate multiple developmental projects

IRCTC Share price: Dolat Capital initiates coverage on with target of Rs 2650

Attention NEET 2021 candidates! Check expected exam date

ZeeBiz raises critical questions on NSE trading glitch; Anil Singhvi demands inquiry, asks who will pay compensation for loss?

BOOSTER dose for Yes Bank! CDP rates ‘A-' (Leadership Band); achieves Environmental Management System certification for eighth year

HDFC Securities highlights that the momentum in the indices could take the Nifty up to 15039-15132 band in the near term

HDFC Bank, ICICI Bank and Axis Bank: Morgan Stanley says restrictions around 'government businesses' lifted for private banks

7th Pay Commission Latest News: How pensioners will benefit from DA, TA, salary hike for central government employees?—EXPLAINED

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved