Published: Thu, August 02, 2018
Sports | By Johanna Francis

Force India feel no bitterness to Sergio Perez in court move

Force India feel no bitterness to Sergio Perez in court move

With up to five interested parties, a sale appears imminent, and the August break after yesterday's Hungarian Grand Prix will be vital.

"Now that the process has been kicked off by an administrator, there is many potential buyers with a great interest, with deep pockets, with an understanding of what kind of spending levels are needed in order to perform in Formula One - insofar it's something that is positive for the team, and for all its employees I would say". The benefits could be visible as early as September, as planned updates that have been on hold pending a cash injection can finally be produced and brought to the track. "We got to a point where action had to be taken, to protect the 400 people that work in the team".

"I have been put in this position".

"Monies due are from previous year", Perez said.

Perez's claim for money owed - some 4 million euros, mostly from last season - was supported by engine provider Mercedes and team sponsor BWT which says it is also owed significant sums.

"I am writing this to send a message of confidence to my team-mates and to all the fans that has [sic] supported me in my professional career and my personal life".

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"It has nothing to do with my outstanding amounts". "The bottom line of this is that we either do this or the team will have gone bust".

FRP Advisory LLP, who were appointed the joint Administrators of Force India, said they are speaking to key stakeholders on an "urgent basis" to secure "the best outcome for creditors".

Mallya, who has a 42.5 percent stake in the team, is fighting an attempt by India to extradite him from Britain to face charges of fraud, which he denies, with a group of Indian banks seeking to recover more than $1 billion of loans granted to his defunct Kingfisher Airlines.

The team's chief operating officer Otmar Szafnauer told a news conference Friday at the Hungaroring circuit that he was optimistic a solution was about to be found.

If this were the case it would mean the prize money, estimated at around $150m, goes to the other nine teams, who could agree to give it to a new team or keep it. "We won't stand in his way".

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