Perez forces his team into administration
BRITISH-BASED Force India have been placed into administration after Sergio Perez felt compelled to take his own employers to court in an attempt to save the team.
The Mexican driver now hopes that 400-plus jobs will be saved at their Silverstone factory.
Perez, 28, was urged by other staff to trigger administration after the team were starved of funding by owner Vijay Mallya, whose assets have been frozen in connection with a fraud case in India.
Last Wednesday, Force India were served a separate winding-up petition that would have cost the entire workforce their jobs. That immediate threat has now vanished with Perez’s intervention. Five parties are interested in buying the team. Speaking in Hungary, where both Force India cars will race today, Perez said: ‘I ended up in a very difficult situation. Action had to be taken. I’m just a driver and try to focus on that but it got too much. I was asked by a couple of members of the team to go ahead and save 400 jobs.
‘I love Vijay. My heart is broken because I know this is not ideal in the short term for him but the big picture is really different.’
The Mail on Sunday understands that Perez, in his fifth season with the team, is owed about £3million, while engine suppliers Mercedes are due £11.5m.
Sponsors BWT, a water purifying company, argue they should receive payment relating to the terms of their involvement.
Canadian fashion billionaire Lawrence Stroll, whose son Lance drives for Williams, is one of the quintet interested in buying the team. Michael Andretti, scion of America’s most famous motor racing dynasty, is another.
Chief operating officer Otmar Szafnauer said: ‘I think investment is imminent.’ Mallya, who is subject to an extradition hearing in London regarding the charges in India, wrote to staff saying: ‘Force India Formula One was placed into administration based on a petition filed by Sergio Perez.
‘Surprisingly BWT jumped in and claimed that their sponsorship amounts were loans, which is ridiculous as our entire car is pink with BWT branding.’
Mallya denies the charges, calling the furore a ‘political witch-hunt’.
Force India are attractive to potential investors, having regularly performed minor miracles on one of Formula One’s smallest budgets. They finished fourth in the constructors’ championship last season.