Force India’s mounting debts nearly got the better of the team right before a consortium led by Williams driver Lance Stroll’s father, billionaire businessman Lawrence Stroll, managed to secure the outfit’s F1 future.
Aside from Stroll and his business partner Silas Chou, the consortium is comprised of Canadian entrepreneur Andre Desmarais, Jonathan Dudman of Monaco Sports and Management, fashion business leader John Idol, telecom investor John McCaw Jr and financial expert Michael de Picciotto.
Now, all of Force India’s creditors will be paid in full and all 405 jobs within the team have been secured as ongoing funding is guaranteed moving forward.
“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,” stated the team’s chief operating officer, Otmar Szafnauer, who told Autosport that upgrades to the cars should be coming if not by Spa, then definitely by Monza.
The Force India exec went on to say: “We have to start paying our suppliers and purchase some needed materials for both upgrades for this year and for next year’s car. We’re in the midst of building next year’s car and without funding we wouldn’t have been able to do that.”
So far, this season hasn’t been a particularly good one for Force India, who is currently 6th in the Constructor Standings, trailing 5th place Haas by 7 points and 4th place Renault by 23 points. Here’s hoping that, with the financial woes disappearing, they can put on a more solid performance.