Force India put into administration after British High Court hearing

Annette Crawford
August 3, 2018

"Within a week, or at the most two, our financial future will become more clear and, I believe, much more secure", Szafnauer told reporters at the Hungarian Grand Prix.

Perez, who has competed in almost 150 F1 races, stepped in, albeit against his wishes.

There were suggestions that a "pre-pack" agreement could be lined up for the team.

This ruling was confirmed by the team's deputy team principal Bob Fernley on Friday night; "an administrator was appointed by the court for Force India F1 this evening", he told Reuters.

This is why Manor's parent company, Just Racing Services Ltd, and not the one which signed the contracts, previously went into administration. "There was a winding up petition from another customer, which would have closed down the team completely".

"It has nothing to do with my outstanding amounts".

"He's going through a very hard time, not just legally but also financially", said Perez.

This offer was dismissed and the team was placed in administration, which Rich Energy called a "tragic and avoidable outcome" and labelled the involvement of Perez, Mercedes and BWT "disgraceful".

After 11 of 21 races, Force India is fifth overall.

Another likely contender is Russian fertiliser billionaire Dmitry Mazepin, whose son Nikita competes in the GP3 support series and is a development driver for Force India.

FRP Advisory has been appointed as administrators while it has been reported that two United States consortiums are interested in taking over the Northamptonshire-based team as well as a bid from Russian. "We have to keep our heads down".

Force India chief operating officer Otmar Szafnauer said: "The more money you have in this game, usually the better you do".

"I know absolutely categorically that Vijay had some very sensible solutions to everything to be able to maintain the team going forward".

The word solidarity is hard to find in Formula 1's sporting code as Renault, McLaren and Williams are proving once again with an alleged stance against Force India.

"It's fine for him to go but we have to agree to that", Szafnauer said.

"We would like to understand what the funding strategy from a potential new buyer is, how it could affect the collaboration between the two teams".

Other reports by Iphone Fresh

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