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The Force India Formula 1 team could miss out at this weekend's Belgian Grand Prix unless the team's legal status is clarified. The company went into administration before last month's Hungarian Grand Prix, with FRP Advisory appointed to administer the team.
A consortium led by Canadian businessman Lawrence Stroll bought the team and took it out of administration over the summer break, saving the jobs of over 400 people. However, due to legal issues regarding the majority shareholders Vijay Mallya and Subrata Roy, consent from 13 Indian creditor banks was needed to close the sale of the company.
That consent was not received on time, meaning the sale was completed as an "asset sale" basis, rather than a "going concern". This means that the squad must now race as an entirely fresh entity.
The company that went into administration, Force India Limited, holds the entry for Sahara Force India. However, the Stroll-led consortium owns all the hardware, including the cars.
The FIA is understood to be assessing the legal entanglements of the situation, and is expected to issue a statement soon. With less than 48 hours until the first free practice session gets underway in Belgium, the team is in a race against time to clarify its situation.
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Replies (5)
Login to replyblade
Posts: 341
What a mess. I hope they make the right decision and let them race - the fans are what matters most, the spec table, let the fine print sort itself out behind the scenes not on camera - come on guys !
siggy74
Posts: 194
We can all see williams crying fowl,lol
And anyone else behind FI
So right Blade, fans are what matters and FI have done F1 proud. Shame for the red tape silly season to reduce the number of cars on the grid.
f1ski
Posts: 726
Just another chance for the lawyers to make a buck
boudy
Posts: 1,168
Do you really think that Stroll is involved if there wasn't an change to make money? Lets hope that there still will be an F1 team at the end of all these issues.
mcbhargav
Posts: 1,332
Mallya had no class, now he wouldn’t have a legacy to look at.