Force India agree deal to come out of administration saving 405 jobs

Force India rescued from administration by Lawrence Stroll-led new backers

The bid was put together with the help of the team's senior management, including chief operations officer Otmar Szafnauer.

Founded and co-owned by Indian businessman Vijay Mallya, the team was put into administration in the United Kingdom on July 27.

That means the team has been returned to solvency, with all 405 jobs saved and "significant" funding guaranteed, plus a commitment to pay its creditors in full.

Force India has been bought by a consortium led by Canadian businessman Lawrence Stroll, father of Williams F1 driver Lance.

The deal naturally brings the future of 19-year-old Stroll into the spotlight, with the Williams team for which he now competes having slumped to last in this year's Constructors' Championship, with just a single points finish. Bob Fernley, who used to be the deputy team principal until a court-appointed administrator took charge last Friday, has said Mallya would act in the best interests of the team.

The team had faced the threat of a winding up order ahead of the Hungarian Grand Prix after its driver Sergio Perez brought legal action against it over his unpaid salary. "I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow", added Szafnauer.

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The consortium includes the elder Stroll, business partner Silas Chou, Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr. and financial expert Michael de Picciotto.

Administrator Geoff Rowley said that a rescue from insolvency on this level is "rare". "Significantly more will be available once the company emerges from administration which we expect within the next two to three weeks".

"The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed", he said. The lack of financial backing so far this year has meant that Force India, who now sit sixth in the constructors' championship, have experienced delays relating to new vehicle parts and other equipment.

The younger Stroll is now expected to switch to Force India, which is likely to pursue a name change for 2019 now it is not under Vijay Mallya's control.

"As a result of a serious process, we finally received a very strong offer to save the company and restore solvency", he said. Stroll junior made his debut with Williams past year and has been supported in F1 by funding secured by his father.

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