Wednesday, 15 August, 2018

Stroll led consortium buys Force India

Lawrence Stroll-led group saves Force India from administration			Image by Mauger  LAT Lawrence Stroll-led group saves Force India from administration Image by Mauger LAT
Andrew Wong | 10 August, 2018, 16:42

The bid to save the team led by Stroll nearly certainly means that son Lance will be at the Force India team next season, but the name of the team is also set to change to.

The Silverstone-based outfit last month appointed FRP Advisory LLP as joint administrators but continued to operate as normal. That led to the team entering administration on July 27 in the hope of finding new owners who could service the team's debts.

He said the action was to fend off a winding-up petition from another creditor.

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.

Force India was placed into administration on the Friday before the Hungarian Grand Prix. It may be noted here that Stroll is the father of Williams Formula One driver Lance Stroll.

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La Presse Canadienne claims that Force India will now "exit creditor protection, pay its creditors" and secure the future of the team's 405 employees.

The agreement will mean that ownership of the team is taken over from Vijay Mallya and Orange India Holdings Sarl.

"I would like to thank Vijay [Mallya], the Sahara group and the Mol family for their support and for leading the team to the extent of their abilities", he added.

Stroll, whose son Lance races for Williams, is joined in the consortium by Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto and Stroll's business partner Silas Chou.

"It is rare that a company can be rescued and returned to a position of solvency", he explained.

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The 25-year-old began his career at Benfica, with his career highlight being a European Championship win with Portugal in 2016. Gomes joined Barcelona from Valencia in 2016 for (£31.46) €35m but has struggled to nail down a starting place at the Nou Camp.

Stroll had been linked with investing in Force India for some time and its need for a new owner presented an opportunity to become more directly involved.

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

Joint administrator Geoff Rowley said funding to support the team would be made available immediately with "significantly more" once the company emerged from administration.

Force India, who finished fourth in the Constructors' Championship last season, are now sixth in the standings this term. Stroll junior made his debut with Williams a year ago and has been supported in F1 by funding secured by his father.

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