Category: force india

Regular

Well which team is in 9th place in the constructor championship now? Google doesn’t have the answer to that!

Belgium GP: Driver Preview Quotes – http://for…

Belgium GP: Driver Preview Quotes – http://formula1insider78.blogspot.com/2018/08/belgian-gp-driver-preview-quotes.html

FIA approves all-new Racing Point Force India …

FIA approves all-new Racing Point Force India F1 entry:

The new Racing Point Force India
team has been granted an official entry in Formula 1 from this weekend’s
Belgian Grand Prix, the FIA has confirmed.

As revealed last night by Motorsport.com,
the FIA and owners of the former Force India team have been working
hard in recent days to create a new entry and new team for the
Silverstone-based outfit.

Following intense scrutiny of the legal
situation surrounding the takeover of the Force India team by a
consortium led by Lawrence Stroll, the FIA has subsequently approved an
all-new entry.

It means the former Force India entry has been
officially annulled, with the FIA ruling that the team is excluded from
the world championship with immediate effect. This action forfeits its
constructors’ championship points.

Racing
Point’s team principal Otmar Szafnauer said: “The new Racing Point
Force India Team is delighted to be able to race when the championship
resumes in Belgium this weekend.

“This heralds a new and exciting
chapter for us. Just a few weeks ago, an uncertain future lay ahead,
with more than 400 jobs at risk; now the new team has the backing of a
consortium of investors, led by Lawrence Stroll, who believe in us as a
team, in our expertise and in our potential to achieve success on the
track.

“We are grateful to the FIA, the Joint Administrators and
Formula One Management for their support in helping us achieve such a
welcome outcome and ultimately, we trust, for the sport and its many
fans.”

FIA president Jean Todt added: “I am very pleased that a
strong, positive outcome has been reached and welcome the mid-season
entry of Racing Point Force India.

“Creating an environment of
financial stability in Formula One is one of the key challenges faced by
the sport, however thanks to the hard work of the FIA, the Joint
Administrators, Racing Point and Formula One Management we have a
situation now that safeguards the future for all of the highly-talented
employees, and will maintain the fair and regulated championship
competition for the second half of the season.”

Mazepin’s company questions Force India rescue…

Mazepin’s company questions Force India rescue process:

A Russian company that was one of the unsuccessful bidders for Force India has questioned the process which led to the team being acquired by a consortium led by Lawrence Stroll.

Chemical firm Uralkali is closely associated with Dmitry Mazepin, father of GP3 racer and Force India test driver Nikita Mazepin.

Mazepin Sr is its deputy chairman of the board of directors, as well as chairman of holding company Uralchem.

In a statement issued on Tuesday, Uralkali said that it “considers that the process conducted by the Administrator may not be in the best interests of Force India creditors and other stakeholders, and the sport in general.”

However, the administrators – Geoff Rowley and Jason Baker of FRP Advisory – have responded by saying that all bidders for the team were treated equally.

“All bidders were given equal opportunity to submit the best deal for Force India,” they said in a statement. “Throughout, we (the Joint Administrators) have closely followed our statutory duties and objectives as administrators and had the advice of experienced legal counsel.”

Uralkali says that it “assembled a team of professionals (including lawyers, accountants, insolvency experts and a Formula 1 specialist) to prepare and submit a competitive bid for Force India, which was led by Uralkali`s independent director Paul J. Ostling.”

Although not named, it is understood that the specialist was former McLaren team principal Martin Whitmarsh.

The statement explained in some detail the timeline of Uralkali’s bid and its interactions with the administrators.

The company noted that “over the course of the bidding process and discussions with the Administrator, Uralkali insisted on a transparent and fair process to ensure equal opportunities for each bidder.

"In particular, Uralkali proposed that the bidding process be conducted by way of the submission in sealed envelopes of best and final bids to be opened in the presence of appointed representatives of the interested bidders. However, this proposal was rejected by the Administrators.”

In essence, Uralkali points out that the timeline for submitting bids was not achievable, especially as consent for any agreement was required from 13 Indian banks because of a freezing injunction on the assets of the original shareholders.

It says: “Upon our discussions with the shareholder representatives, it became apparent to us that the rescue option (at least on the conditions and within the time frames put forward to us by the Administrator and consistent with our own code of integrity) was not achievable due to the complexity of legal structure, the extended period of time required to obtain consents of the 13 Indian banks and to obtain approval of a UK court for an amendment to the freezing injunction.

"Uralkali submitted a restated proposal on August 6, 2018 which, due to the above reasons, no longer offered a rescue option but set out a very attractive proposal to purchase business and assets of Force India on a going concern basis.”

The statement concludes: “Following the submission of our proposal, the administrator refused to engage with Uralkali team, did not reply to phone calls and emails and communicated with Uralkali in a single email following close of business on August 7, 2018 that it had entered into an exclusivity arrangement with another bidder regarding a proposal to rescue the company.

"Despite expiration of the deadline set by the Administrator, no rescue plan was submitted to the court for approval, which confirmed Uralkali’s view that the rescue option was not achievable in the timeline and under conditions proposed by the Administrator.

"Under these circumstances, it is surprising that no attempt was made by the Administrator to engage with Uralkali with respects to its bid for the assets and business of Force India.”

Belgian GP: CIRCUIT PREVIEW – http://formula1i…

Belgian GP: CIRCUIT PREVIEW – http://formula1insider78.blogspot.com/2018/08/belgian-gp-circuit-preview.html

Belgian GP: TRACK SCHEDULE – http://formula1in…

Belgian GP: TRACK SCHEDULE – http://formula1insider78.blogspot.com/2018/08/belgian-gp-track-schedule.html

Force India Saved By Stroll: http://formula1in…

Force India Saved By Stroll: http://formula1insider78.blogspot.com/2018/08/force-india-saved-by-stroll.html

Force India Enters Administration: http://form…

Force India Enters Administration: http://formula1insider78.blogspot.com/2018/08/force-india-enters-administration.html

Stroll-backed consortium saves Force India

Stroll-backed consortium saves Force India:

The administrators for the Force India Formula 1 team have accepted a bid from a consortium led by Lawrence Stroll.

Force India has been in administration since the Friday before the Hungarian Grand Prix as parties involved sought to protect it against the threat of a winding-up order over mounting debts.

It was confirmed on Tuesday evening that a consortium, led by Stroll, had been assembled with the assistance of Force India’s chief operations officer Otmar Szafnauer and the team’s senior management.

A deal has agreed with the joint administrators, appointed by FRP Advisory, to return the team to solvency.

Stroll’s fellow investors are Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr, financial expert Michael de Picciotto, and Stroll’s business partner Silas Chou.

Force India’s creditors will be paid in full, all 405 jobs at the team have been saved and ongoing funding has been guaranteed.

The new set-up, which signed an exclusivity agreement on Tuesday, takes over ownership of the team from Vijay Mallya and Orange India Holdings Sarl.

“This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to compete to our full potential,” said Szafnauer.

“I am delighted that we have the support of a consortium of investors who believe in us as a team and who see the considerable business potential that Force India has within F1 now and in the future.

“At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us.

“I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow.”

Stroll had been linked with investing in Force India for some time and its need for a new owner presented an opportunity to become more directly involved.

He has been backing Williams through support for his son Lance, who has driven for the British team since making his F1 debut last season.

Several other parties had expressed interest, including two US consortiums and a British firm.

“It is rare that a company can be rescued and returned to a position of solvency,” said joint administrator Geoff Rowley.

“The quality of the various interested parties has been impressive and required careful consideration as the administration has progressed.

“Having followed a robust process, in the end we were left with a highly-credible offer to save the company and restore solvency.

“Funding to support the team will be made available from today, and significantly more will be available once the company emerges from administration which we expect within the next two to three weeks.”

Now that a bid has been accepted the administrator will look to confirm finer details, including finalising the agreement to buy the team and agree elements like the contract to use Mercedes engines transferring to the new company.

The team has owed money to several creditors, notably Mercedes and driver Sergio Perez, who used this to trigger the action that led to Force India being put into administration at the request of senior members of the team.

Force India needs the change of ownership to be completed so it can commission suppliers to produce upgraded parts, which will be crucial in its championship battle.

The team is currently sixth in the constructors’ contest, seven points behind Haas and 23 behind fourth-placed Renault.

The following have been updated POST-Hungarian…

The following have been updated POST-Hungarian GP:

1. Drivers Standings

2. Constructors Standings

3. Penalty Points Chart

4. 2018 Fastest Laps 

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