THE TEAM FORMERLY KNOWN AS…FORCE INDIA
Spa, Belgium, the scene of this teams finest moments.. Michael Schumacher’s first race, First win as Jordan, Second place for Fisichella in 2009 etc etc. However here we are, not knowing if the team is even going to race this weekend. Why? What is going on?
As we know, Sergio Perez’s backers forced the team into administration at the start of the month, and the administrators have entered into a deal with a Lawrence Stroll led consortium to purchase the team. However things are not a simple as that, in true F1 style.
The company Force India Formula One Team Limited own the entry into the Formula One World Championship. The problem that the new consortium have is that they can’t just purchase that company due to issues with mallya’s creditors and 13 indian banks that have some control over the company. The easy answer therefore is to create a new company and transfer the assets over to that.
Sadly though it is not as simple as that. Whilst the Stroll consortium have set up a new company “Racing Point Limited” (look it up on companies house) and have agreed to buy the assets and settle the debt, the entry into F1 is non-transferrable. This means that they will need to re-apply.
So Force India Formula One Team have an entry but no cars… and Stroll has cars, staff, equipment.. but no entry!
Whilst the FIA can fast-track a new application, all of the teams would need to agree to them joining. It would also mean they forfeit all of the points already scored (as Force India no longer exists) Also all of this would need to be done, tonight so that the team can take to the track tomorrow.
Having already lost a vote from the other teams as Williams, Renault and McLaren vetoed them just being taken over and carrying on, there is no guarantee that a vote would get them in. There is also no guarantee that the FIA is willing to fast track its system to let them race.
This story is of course updating all of the time. So I will update this as the situation changes.