Force India: Formula 1 team to come out of administration
- From the section Formula 1
Formula 1 team Force India has agreed a deal to come out of administration, saving all 405 jobs at its Silverstone base.
The team's management, backed by a consortium of investors led by Lawrence Stroll, have secured the future of the team.
It was placed in administration in July.
Team driver Sergio Perez said he started administration proceedings against the team.
He said the action was to fend off a winding-up petition from another creditor.
Force India chief operations officer Otmar Szafnauer, along with his senior management team, worked with the administrator to find investors able to secure the long-term future of the business.
"This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to compete to our full potential," said 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."
More to follow.
