A Lawrence Stroll backed group has bought the Force India F1 team saving it from bankruptcy and 405 jobs.
It was confirmed from administrators that a bid from a consortium led by Lawrence Stroll has been accepted and that fine details now need to be sorted out.
The deal will secure future funding for the team, pay off all current debts and see the team ownership taken from Vijay Mallya and Orange India Holdings Sarl.
Force India COO 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.
“At Force India, our expertise and commitment has meant that we have always punched above our weight and this new investment ensures that we have a bright future ahead of us.
“I also would like to thank Vijay, the Sahara Group and the Mol family for all of their support and taking the team as far as their circumstances would allow.”
This deal, which had been speculated since the team went into administration, also raises the possibility that Lawrence’s son Lance Stroll will move to Force India in 2019 from Williams.
It not yet known if the team will change names.
