Vijay Mallya ‘devastated’ to lose control of F1 team

BUDAPEST: Vijay Mallya is ‘devastated’ to have lost control of the Force India Formula One team but the embattled tycoon should still have a say in what happens next, according to his right-hand man Bob Fernley.

The Briton, who was deputy team principal until a court-appointed administrator took charge last Friday, said that Mallya would act in the best interests of a team he acquired in 2007.

“I don’t know. I think there’s more to come yet,” he said in an interview at Sunday’s Hungarian Grand Prix when asked whether Mallya’s Formula One adventure had reached the end of the road.

“He will also be able to discuss directly with the administrator the future of the team and Vijay is certainly not going to get in the way of making sure the team is fully supported. That’s not his way of doing things.

“The team means a huge amount to him and he’s devastated with the situation as it is at the moment. But as the major creditor he hopefully can make sure it is in the right hands going forward to go on to better things.”

Mallya has a 42.5-per cent stake in the Silverstone-based team, with a similar shareholding in the hands of the Indian Sahara Group and the remainder owned by Dutch businessman Michiel Mol. The administration was triggered by Force India’s Mexican driver Sergio Perez, supported by engine provider Mercedes and team sponsor BWT who were also owed money by a team struggling financially. Force India’s problems are well-documented, with Mallya having assets frozen in India and fighting an attempt to extradite him from Britain to face charges of fraud, which he denies.