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Force India secure future with rescue deal, Mallya's reign ends

Press Trust of India  |  London 

The future of the team was secured today after its accepted a bid backed by a consortium of investors, effectively ending Vijay Mallya's 10-year-old reign at the midfield squad.

The team was put into administration ahead of last month following the legal action taken by its Mexican

According to a statement issued on behalf of Geoff Rowley, all 405 jobs at will be saved following a deal with the team management, joint administrators and consortium of investors led by Canadian billionaire Lawrence Stroll, who happens to be the father of

Commenting on the deal, said: This outcome secures the future of the Force India team in 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.

He also acknowledged Mallya's contribution in the success of the team.

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 and the family for all of their support and taking the team as far as their circumstances would allow, added Szafnauer.

Mallya and Sahara had a 42.5 percent stake each in Force India while Family owned 15 percent.

India is currently seeking Mallya's extradition from the UK over unpaid loans linked to his defunct

Since their first season in 2008, Force India have gone on to become a strong midfield team, finishing fourth in the past two seasons.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 08 2018. 00:35 IST