NORTHAMPTONSHIRE, U.K. – Racing Point UK Limited has officially acquired the assets of the Sahara Force India Formula One Team.
An investment group led by businessman Lawrence Stroll and his business partner Silas Chou has pulled the team out of administration, allowing it to continue competing during the 2018 Formula One season.
The team will debut as Racing Point Force India F1 this weekend during the Belgian Grand Prix weekend at Spa-Francorchamps.
“On Monday I stood in front of the workforce at Silverstone and Brackley and applauded the achievements of this team in recent years. The strength of any company is the people that make it up, and it’s a huge privilege to begin this exciting new journey with such a talented group of men and women,” said Stroll. “I’ve been fortunate to establish and grow a number of successful businesses, but the opportunity to take this team forward to the next level is perhaps the most exciting challenge yet.
“Together with my fellow shareholders, we will invest in new resources and bring fresh energy to empower the workforce to continue racing at the very highest level,” Stroll continued. “We are all passionate about motor racing; we recognize the racers’ spirit in Force India, and we are extremely motivated to make this team even more special in the years ahead.”
The investment group also includes Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecommunications investor John McCaw Jr. and financial expert Michael de Picciotto.
Otmar Szafnauer, who has served as Force India’s Chief Operating Officer since 2010 and played a pivotal role in the team’s progress up the grid, will become the new squad’s team principal and CEO. The team’s deputy team principal, Robert Fernley, had already departed the .
The remainder of the senior management team remains unchanged.
“As we return from the summer break and prepare for the upcoming Belgian Grand Prix, I want to thank all the staff for their resolve and loyalty during the period of transition. Now that we are under new ownership and the future of the team is secure, we can focus on doing what we do best – going racing,” said Szafnauer. “We have a great management team in place and this stability will be extremely valuable as we begin the new era. I would like to thank Bob Fernley for his contribution to the success of this team over the last 10 years and recognize the support of the previous shareholders for making Force India what it is today.”
Sergio Perez and Esteban Ocon retain their standing in the driver’s championship, however, the team has been stripped of all the Constructors’ Championship points it previously earned prior to the change in management, dropping it to 10th in the standings.
Still, FIA officials were pleased to see a positive outcome for the team and have granted the new operation a place on the F-1 grid.
“I am very pleased that a strong, positive outcome has been reached and welcome the mid-season entry of Racing Point Force India,” said FIA President Jean Todt. “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.”
