23-07-2018, 06:42 PM
I'm reading that German sources are saying the Stroll take over of Force India has been finalised. RIP
My previous sig was obsolete, McLaren ain't disappointing Heshy no more.
Force India takeover soon?
My previous sig was obsolete, McLaren ain't disappointing Heshy no more.
![[+]](https://www.f1banter.co.uk/images/bootbb/collapse_collapsed.png)
23-07-2018, 06:57 PM
Fuck. If Stroll really does take over Force India and daddy gives his son a drive, can you imagine the image problems for Liberty Media and F1. What a joke. Ericsson having a drive at Sauber because his daddy and his business associates own a chunk of the team was bad enough... But this is beyond that by some magnitude.
28-07-2018, 09:36 AM
The joint administrators of the Force India F1 team say they are working on "an urgent basis" to secure the future of the team and the best outcome for creditors.
The team went into administration on Friday evening, but can continue to operate normally while a buyer is sought.
The administrators, Geoff Rowley and James Baker of FRP Advisory LLP, have some knowledge of F1, as the former was previously involved in the Marussia/Manor cases.
"We shall be engaging with key stakeholders on an urgent basis to secure the best outcome for creditors," said Rowley.
"In the meantime, the team will continue to operate as normal, including racing in Hungary this weekend. Our aim is for business as usual whilst we assess options to secure the future of the team."
Team principal and major shareholder Dr Vijay Mallya has written to Force India employees stating his views on the latest developments.
In the letter, Mallya confirmed that the administration petition had come from Sergio Perez, and noted his surprise that the action was also supported by BWT, which has stated that its sponsorship of the team was actually in the form of loans – a view that Mallya disputes.
He also pointed out that the largest creditor was the holding company, Orange India Holdings Sarl, with over £159m outstanding, and that the largest of the smaller creditors – which is believed to be Mercedes – is owed less than £10m.
He confirmed that the holding company will work with the administrator to take the team out of administration, or sell it for the best possible price, and confirmed that as the biggest creditor the administrator is obliged to work with the holding company.
He also stressed that both he and deputy team principal Bob Fernley were still in their positions.
Force India went into administration on Friday evening after a hearing at the High Court in London.
The process in effect allows the team to carry on operating while a deal is concluded with a potential new owner.
Deputy team principal Bob Fernley, who stayed in London for the hearing instead of travelling to Hungary, told Motorsport.com last night: “An administrator was appointed by the court for Force India F1 this evening.”
No other official comment has been forthcoming from the team thus far.
Main shareholder and team principal Vijay Mallya has always maintained that he wasn’t actively trying to sell the team, but that he would have to consider a serious offer. However earlier this month he insisted that no acceptable buyer at the right price was on the horizon, and that he was waiting for the right deal to come along.
“Whether it’s a sporting business a service business or any other business, there’s a value,” he told Motorsport.com at the British GP.
“If somebody comes up and offers you a damn good price and a very good value, you must learn to get rid of the emotion, put on a commercial hat, and look at it seriously. Because such an opportunity may not come again. I had no such proposition in front of me. I want to see cash on the table.
“Until I see cash on the table, I don’t believe anything. In 10 years in F1 there have been too many people coming and wanting to buy the team. Everyone who walks through this paddock suddenly wants to own an F1 team.
“They don’t realise the hard work involved. If it was like the old Spyker quite content to run around in 21st and 22nd with no ambition to get out of Q3, then fine. But for a team like us it’s bloody hard work for everybody.”
Asked about the situation with Mercedes he said: “All I can say is Mercedes got a fat cheque two weeks ago.”
Force India has faced an increasingly tight financial squeeze this season, with driver Sergio Perez calling the situation “critical” on Thursday, especially as the team couldn’t afford to bring developments to the car.
The team has owed money to several creditors, notably engine and gearbox supplier Mercedes and Perez himself. It’s understood that both parties were involved in the action that led to yesterday’s developments.
Several potential buyers and investors have been connected to the team in recent months, notably Lawrence Stroll. COO Otmar Szafnauer said on Friday that news was expected soon.
“I think it's imminent,” he said. “I know there's discussions going on in the background and I'm not privy to those because it's a shareholder issue. I'm not a shareholder otherwise I would know more. It will be very soon.”
The team went into administration on Friday evening, but can continue to operate normally while a buyer is sought.
The administrators, Geoff Rowley and James Baker of FRP Advisory LLP, have some knowledge of F1, as the former was previously involved in the Marussia/Manor cases.
"We shall be engaging with key stakeholders on an urgent basis to secure the best outcome for creditors," said Rowley.
"In the meantime, the team will continue to operate as normal, including racing in Hungary this weekend. Our aim is for business as usual whilst we assess options to secure the future of the team."
Team principal and major shareholder Dr Vijay Mallya has written to Force India employees stating his views on the latest developments.
In the letter, Mallya confirmed that the administration petition had come from Sergio Perez, and noted his surprise that the action was also supported by BWT, which has stated that its sponsorship of the team was actually in the form of loans – a view that Mallya disputes.
He also pointed out that the largest creditor was the holding company, Orange India Holdings Sarl, with over £159m outstanding, and that the largest of the smaller creditors – which is believed to be Mercedes – is owed less than £10m.
He confirmed that the holding company will work with the administrator to take the team out of administration, or sell it for the best possible price, and confirmed that as the biggest creditor the administrator is obliged to work with the holding company.
He also stressed that both he and deputy team principal Bob Fernley were still in their positions.
Force India went into administration on Friday evening after a hearing at the High Court in London.
The process in effect allows the team to carry on operating while a deal is concluded with a potential new owner.
Deputy team principal Bob Fernley, who stayed in London for the hearing instead of travelling to Hungary, told Motorsport.com last night: “An administrator was appointed by the court for Force India F1 this evening.”
No other official comment has been forthcoming from the team thus far.
Main shareholder and team principal Vijay Mallya has always maintained that he wasn’t actively trying to sell the team, but that he would have to consider a serious offer. However earlier this month he insisted that no acceptable buyer at the right price was on the horizon, and that he was waiting for the right deal to come along.
“Whether it’s a sporting business a service business or any other business, there’s a value,” he told Motorsport.com at the British GP.
“If somebody comes up and offers you a damn good price and a very good value, you must learn to get rid of the emotion, put on a commercial hat, and look at it seriously. Because such an opportunity may not come again. I had no such proposition in front of me. I want to see cash on the table.
“Until I see cash on the table, I don’t believe anything. In 10 years in F1 there have been too many people coming and wanting to buy the team. Everyone who walks through this paddock suddenly wants to own an F1 team.
“They don’t realise the hard work involved. If it was like the old Spyker quite content to run around in 21st and 22nd with no ambition to get out of Q3, then fine. But for a team like us it’s bloody hard work for everybody.”
Asked about the situation with Mercedes he said: “All I can say is Mercedes got a fat cheque two weeks ago.”
Force India has faced an increasingly tight financial squeeze this season, with driver Sergio Perez calling the situation “critical” on Thursday, especially as the team couldn’t afford to bring developments to the car.
The team has owed money to several creditors, notably engine and gearbox supplier Mercedes and Perez himself. It’s understood that both parties were involved in the action that led to yesterday’s developments.
Several potential buyers and investors have been connected to the team in recent months, notably Lawrence Stroll. COO Otmar Szafnauer said on Friday that news was expected soon.
“I think it's imminent,” he said. “I know there's discussions going on in the background and I'm not privy to those because it's a shareholder issue. I'm not a shareholder otherwise I would know more. It will be very soon.”
"You live more for 5 minutes going fast on a bike than other people do in all of their life"....Marco Simoncelli
28-07-2018, 11:11 AM
https://www.planetf1.com/news/force-indi...istration/
Force India was placed into administration on Friday, reportedly after Sergio Perez brought an application over a £3 million debt owed to him.
It has long been known that the Formula 1 team is in financial trouble with rumours of a pending buy-out doing the rounds for months.
The situation came to a head on Friday when the F1 team was placed into administration following a court hearing in London.
“An administrator was appointed by the court for Force India F1 this evening,” deputy principal Bob Fernley to Reuters.
According to reports the action was triggered by their driver Perez over an unpaid debt.
Perez, who told journalists at the Hungaroring that Force India’s financial situation is “critical” is owed £3 million by the team.
His legal team told the courts Force India “is or is likely to become unable to pay its debt”.
The application was supported by Mercedes, who Force India are believed to owe around £9 million.
Force India are hoping to announcement investment in the team in the coming weeks with Russian billionaire Dmitry Mazepin believed to be in talks with the midfield team.
Force India was placed into administration on Friday, reportedly after Sergio Perez brought an application over a £3 million debt owed to him.
It has long been known that the Formula 1 team is in financial trouble with rumours of a pending buy-out doing the rounds for months.
The situation came to a head on Friday when the F1 team was placed into administration following a court hearing in London.
“An administrator was appointed by the court for Force India F1 this evening,” deputy principal Bob Fernley to Reuters.
According to reports the action was triggered by their driver Perez over an unpaid debt.
Perez, who told journalists at the Hungaroring that Force India’s financial situation is “critical” is owed £3 million by the team.
His legal team told the courts Force India “is or is likely to become unable to pay its debt”.
The application was supported by Mercedes, who Force India are believed to owe around £9 million.
Force India are hoping to announcement investment in the team in the coming weeks with Russian billionaire Dmitry Mazepin believed to be in talks with the midfield team.
"When a man holds you round the throat, I don't think he has come to apologise"
Ayrton Senna on Nigel Mansell, SPA 1987.
28-07-2018, 01:25 PM
https://www.planetf1.com/news/mallya-poi...han-perez/
Vijay Mallya says “none other than our driver Sergio Perez” instigated the proceedings that resulted in Force India being placed into administration on Friday.
It seems Mallya is not impressed with his driver wanting the money owed to him.
“Force India Formula One was placed into ‘administration’ today by the court based on a petition filed by none other than our driver Sergio Perez,”
Vijay Mallya says “none other than our driver Sergio Perez” instigated the proceedings that resulted in Force India being placed into administration on Friday.
It seems Mallya is not impressed with his driver wanting the money owed to him.
“Force India Formula One was placed into ‘administration’ today by the court based on a petition filed by none other than our driver Sergio Perez,”
"When a man holds you round the throat, I don't think he has come to apologise"
Ayrton Senna on Nigel Mansell, SPA 1987.
28-07-2018, 01:35 PM
Is Perez worth 3 mil then? He hasn't shown that much in his years in F1.
28-07-2018, 01:41 PM
(28-07-2018, 01:35 PM)morini Wrote: Is Perez worth 3 mil then? He hasn't shown that much in his years in F1.
Maybe thats his wages for the last 3 years ....and the next 3
"You live more for 5 minutes going fast on a bike than other people do in all of their life"....Marco Simoncelli
28-07-2018, 01:45 PM
29-07-2018, 10:59 AM
https://www.planetf1.com/news/perez-ive-...-the-team/
Sergio Perez insists it wasn’t money but rather his desire to “save” Force India that was behind his decision to force the team into administration.
Earlier this week it was announced that Force India had gone in administration after failing to pay debts, including one of £3 million owed to Perez.
Team boss Vijay Mallya told staff that Perez was behind the legal proceedings.
“Force India Formula One was placed into ‘administration’ today by the court based on a petition filed by none other than our driver Sergio Perez,” he said in a letter to Force India’s personnel.
“Surprisingly BWT jumped in and claimed that their sponsorship amounts were loans which is ridiculous as our entire car is pink with BWT branding.”
Perez, though, insists he did all this with the best of intensions.
“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,” he said.
“There were other people, it was not only me.
“The reason behind that was not to screw up the team. It was to save the team. It’s much more complicated.
“I don’t really understand all the terms with lawyers and so on, but certainly, the bottom line of this is we either do this or the team will have gone bust. It’s what I got from the lawyers and from members of the team.
“There are 400 people out there at risk, their jobs, families, team members. You cannot imagine. We are all aware of the situation that my friend Vijay is going through.
“I have gone through a very difficult moment emotionally more than mentally. For me, it’s been hard the position I’ve been put in. So yeah, I have to say, I’m not going through a good time at the moment.”
Sergio Perez insists it wasn’t money but rather his desire to “save” Force India that was behind his decision to force the team into administration.
Earlier this week it was announced that Force India had gone in administration after failing to pay debts, including one of £3 million owed to Perez.
Team boss Vijay Mallya told staff that Perez was behind the legal proceedings.
“Force India Formula One was placed into ‘administration’ today by the court based on a petition filed by none other than our driver Sergio Perez,” he said in a letter to Force India’s personnel.
“Surprisingly BWT jumped in and claimed that their sponsorship amounts were loans which is ridiculous as our entire car is pink with BWT branding.”
Perez, though, insists he did all this with the best of intensions.
“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,” he said.
“There were other people, it was not only me.
“The reason behind that was not to screw up the team. It was to save the team. It’s much more complicated.
“I don’t really understand all the terms with lawyers and so on, but certainly, the bottom line of this is we either do this or the team will have gone bust. It’s what I got from the lawyers and from members of the team.
“There are 400 people out there at risk, their jobs, families, team members. You cannot imagine. We are all aware of the situation that my friend Vijay is going through.
“I have gone through a very difficult moment emotionally more than mentally. For me, it’s been hard the position I’ve been put in. So yeah, I have to say, I’m not going through a good time at the moment.”
"When a man holds you round the throat, I don't think he has come to apologise"
Ayrton Senna on Nigel Mansell, SPA 1987.
29-07-2018, 12:54 PM
Sergio Perez statement to clarify the situation.
![[Image: DjOTKNhWsAMwae9.jpg]](https://pbs.twimg.com/media/DjOTKNhWsAMwae9.jpg)
My previous sig was obsolete, McLaren ain't disappointing Heshy no more.
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