Force India’a assets sold for £90m

Collapsed Force India Formula One Team’s assets were sold to fashion tycoon Lawrence Stroll for £90m.

Despite finishing fourth place last year, Force India’s collapse was driven by lack of funding from its former owners, beleaguered Indian businessmen Subrata Roy and Vijay Mallya who is fighting extradition from Britain to his home country.

Administrators revealed that in 2018 the team received two loans from BWT, its main sponsor of £757, 000 and €535, 000 to assist with its cash flow which barely scratched the surface. The list of creditors show that Force India owes £28.5m to over 450 companies including parts manufacturers, hotels, delivery firms, caterers and even the race tracks in Abu Dhabi and Italy, and  to Mercedes Force India’s engine supplier  £13.7m and $4m to its driver Sergio Perez who ultimately stopped the team from getting red light. On 5^th June 2018, Force India  received a winding-up notice from the UK’s tax authority HMRC and Formtech, a parts supplier which was owed £2,4m. Perez Stepped in before 25^th July to put it into administration which he was perfectly entitle to do as he was also owed money.