Force India driver Sergio Perez has told BBC Sport that the Silverstone based outfit asked the Mexican to petition the High Court in London for the team to enter administration as they wanted protection from their creditors.
Checo said that he did it in order to protect the future of the team and to protect the 400 employees at the team.
Speaking at a news conference regarding the matter, Perez said:
It was very tricky and difficult. Every day really counted and I was told to help the team, to secure those jobs and that is the main reason behind it.
Paddock Eye understands that one of the potential buyers is backed by former Formula One driver and leading Verizon IndyCar Series driver and team owner Michael Andretti who it is believed is interested in entering Formula One as a team owner.