Problems mount up for struggling Force India
The British-based Force India team have been placed into administration following a court hearing in London.
Force India will continue to take part at this weekend’s Hungarian Grand Prix, the final round before the Formula One summer break, and they struggled in qualifying with Esteban Ocon 18th and Sergio Perez 19th quickest for today’s race at the Hungaroring.
It is understood that Mexican driver Perez is owed more than £3 million (Dh14.4m) in sponsorship deals, while the team’s engine supplier Mercedes are also owed £11.5m.
Five separate parties are believed to be interested in buying the team.
Canadian fashion billionaire, Lawrence Stroll, whose son Lance drives for Williams, is believed to be among the potential buyers.
Force India’s chief operating officer Otmar Szafnauer said: “The more money you have in this game, usually the better you do. But hopefully that will be solved soon and we’ll get back to operating in the normal manner we are used to.
“We are just in this critical period, which might last a week or two. We have to keep our heads down.”
Szafnauer remains confident of a resolution, as F1 prepares to head into a fourweek summer break following today’s tace.
“I think [investment] is imminent,” Szafnauer said. “I know there are discussions going on in the background.”
Force India also faces uncertainty over Ocon’s future.
The 21-year-old Frenchman, highly regarded in F1 and tipped as a potential future title contender, has been linked with a move to Renault.
“It’s fine for him to go but we have to agree to that,” Szafnauer said. “We won’t stand in his way.”
Force India, based at Silverstone and co-owned by Vijay Mallya, have consistently over-delivered on one of the smallest budgets in F1.
They finished fourth in the constructors’ championships last year - behind only the sport’s big three of Mercedes, Ferrari and Red Bull. This season they are fifth after 11 races.
Mallya bought the team in 2007, it was running under the name Spyker F1 at the time, and rebranded it as Force India for the start of the 2008 F1 season.