Administrators take over Mallya’s team

BUDAPEST: Administrators for Force India said on Saturday the Formula One team would continue to operate as normal while future options were assessed.

The team, co-owned by Indian businessman Vijay Mallya, went into administration on Friday after a High Court hearing in London. “We shall be engaging with key stakeholders on an urgent basis to secure the best outcome for creditors,” said the joint administrator Geoff Rowley in a statement issued by FRP Advisory.

“In the meantime, the team will continue to operate as normal, including racing in Hungary this weekend. “Our aim is for business as usual whilst we assess options to secure the future of the team.”

Lawrence Stroll

The father of Canadian driver Lance, currently driving with Williams, is in contention to buy the cash-strapped outfit with an investment package that will see his son move teams. Stroll is yet to comment on the reports.

Force India finished fourth in the championship for the last two years and are currently fifth in a tight midfield battle.

Their drivers are Mexican Sergio

Dmitry Mazepin

Another likely contender is the Russian billionaire whose son Nikita competes in the GP3 support series and is a development driver for Force India. Like Stroll, Mazepin’s involvement is yet to be confirmed.

Perez and Frenchman Esteban Ocon, who is backed by engine provider Mercedes.

A well-placed source told Reuters that Ocon, who has been linked to a move to Renault, was now a free agent under the terms of the administration.

The legal action was triggered by Perez, supported by Mercedes and sponsor BWT who are all owed millions by the Silverstonebased team. The racefans.net website cited court documents in which Perez’s legal team claimed Force India “is or is likely to become unable to pay its debt” and its parent company “are unlikely to be able to provide financial support”.

FRP Advisory LLP are the same firm that acted as administrators for the now-defunct Manor Formula One team, which folded before the start of the 2017 season. Force India’s problems are well-documented, with team principal Mallya fighting an attempt by India to extradite him from Britain to face charges of fraud, which he denies.