PLUS RIVALS COULD BLOCK FORCE INDIA RESCUE
At least five potential buyers emerge, but rival squads are unhappy
The efforts of Force India administrator FRP Advisory to sell the team could be compromised by opposition from three rival squads.
Under the terms of the Concorde Agreement, a team emerging from administration is regarded as a new entity. It can then only retain the commercial rights accrued by the original team if all other entrants agree.
After a meeting in Budapest last month about Force India’s situation, Mclaren, Renault and Williams did not to sign an agreement, at least for the time being, despite some urgent canvassing from F1 CEO Chase Carey on Force India’s behalf.
All three are keen to make a point to F1’s owners about the increasing power of the alliances around Mercedes and Ferrari. There’s a shared concern that Force India is being lined up by Mercedes boss Toto Wolff to become a ‘B-team’, and that will only increase the power base of F1’s two major manufacturers. Although Williams is aligned with Mercedes as a customer, it has insisted teams should be independent constructors.
If Force India is not guaranteed to receive the income it was originally due, the team’s value to potential purchasers will be much lower, and the uncertainty could derail plans for a quick sale.
Meanwhile, Rich Energy, the British company rejected by Force India earlier this year, still claims it can buy the team. However, William Storey of Rich Energy told Motorsport.tv it was a “Machiavellian” game.
He said his consortium, which he claims is backed by “four sterling billionaires” reported to include West Ham United Football Club owners David Sullivan and David Gold, had a contract to buy the team in May but was held back by lawyers on the team’s side.
Storey would not “specifically outline what our plans are” but said Rich Energy would “be in Formula 1 sooner or later”.
“We’ve got the money to do so, the business model and the reasons to do it,” he said. “Having spent six months working on Force India we’re not going to relinquish that overnight.”
While Storey claims his group is “more than capable of buying the team and are certainly ready to do so”, there are believed to be four serious parties also interested in Force India.
Lawrence Stroll, the father of Williams driver Lance, is considered an extremely serious candidate. Another person who has been linked is Russian billionaire Dmitry Mazepin, the father of GP3 race winner and Force India development driver Nikita.
Two American consortiums have been tipped as well – one involving Indycar team boss Michael Andretti and his driver Alexander Rossi’s father Pieter; and one that includes ex-baseball franchise boss Jeff Moorad.
Force India’s chief operating officer Otmar Szafnauer says the team will be able to bring updates to its car as soon as its ownership situation becomes clearer. The team has had update designs ready for production but because of its financial squeeze it has been unable to introduce them to its car in recent weeks.