A consortium led by Canadian businessman Lawrence Stroll and backed by Sahara Force India Formula One Team management has saved the Silverstone based outfit meaning that just days after entering administration the team will be able to continue in Formula One.
The news also means that all 405 factory staff at their Silverstone outfit have had their jobs secure.
In a statement, Sahara Force India Chief Operating Officer Otmar Szafnauer said:
“This outcome secures the future of the Force India team in Formula 1 and will allow our team of racers to compete to our full potential. 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.
FRP Advisory, the administrator brought in to oversee the situation with the Silverstone based outfit have confirmed that all creditors will be paid in full and that further investment to the team will be released the team in the next two to three weeks with no redundancies and all 405 jobs at the factory have been saved.
It is too early to say what the news means for Lance Stroll but it is likely that he will join Force India in 2019 as Lawrence is his father but time will tell as to what happens next.
The main thing is that the team have been rescued and their future secured.