Montrealers Desmarais, Stroll part of group acquiring Force India

The future of the Force India F1 racing team has been secured after the announcement that a consortium of investors led by Montreal businessman Lawrence Stroll has reached a deal to take over the team. Stroll is the father of F1 driver Lance Stroll, who is part of the competing Williams team.

The deal allows Force India to exit creditor protection, pay its creditors and secure its 405 employees, and to gain access to funds that will re-establish the company’s solvency.

As a result, the team will be ready to continue its F1 activities with the Belgian Grand Prix at the end of the month.

The team was placed under court administration on the Friday before the Hungarian Grand Prix, at the request of creditors, including one of its drivers, Sergio Perez, who said he acted to “save the team.”

Otmar Szafnauer, chief operating officer of Force India, worked with the administrators, FRP Advisory LLP, to find a buyer, and found Stroll’s consortium the best choice.

The consortium also includes: André Desmarais, president of Power Corporation; Jonathan Dudman, of Monaco Sports and Management; John Idol, head of the Michael Kors brand; John McCaw Jr., investor; Michael de Picciotto, financial expert; and Silas Chou, an associate of Stroll.

They take over from former owners Vijay Mallya, Subrata Roy and the Mol family.

Force India is in sixth place in the constructors standings, seven points behind Haas and seven ahead of McLaren.

Presse Canadienne